Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 14, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-16189 | ||
Entity Registrant Name | NiSource Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 35-2108964 | ||
Entity Address, Address Line One | 801 East 86th Avenue | ||
Entity Address, City or Town | Merrillville, | ||
Entity Address, State or Province | IN | ||
Entity Address, Postal Zip Code | 46410 | ||
City Area Code | (877) | ||
Local Phone Number | 647-5990 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 11,285,281,624 | ||
Entity Common Stock, Shares Outstanding | 447,524,529 | ||
Entity Central Index Key | 0001111711 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Documents Incorporated by Reference [Text Block] | Part III of this report incorporates by reference specific portions of the Registrant’s Notice of Annual Meeting and Proxy Statement relating to the Annual Meeting of Stockholders to be held on May 13, 2024. | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | NI | ||
Security Exchange Name | NYSE | ||
Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th ownership interest in a share of 6.50% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual | ||
Trading Symbol | NI PR B | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | Columbus, Ohio |
Auditor Firm ID | 34 |
Statements Of Consolidated Inco
Statements Of Consolidated Income (Loss) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Revenues | |||
Customer revenues | $ 5,347.8 | $ 5,738.6 | $ 4,731.3 |
Other revenues | 157.6 | 112 | 168.3 |
Total Operating Revenues | 5,505.4 | 5,850.6 | 4,899.6 |
Operating Expenses | |||
Cost of energy | 1,533.3 | 2,110.5 | 1,392.3 |
Operation and maintenance | 1,494.9 | 1,489.4 | 1,456 |
Depreciation and amortization | 908.2 | 820.8 | 748.4 |
Loss (gain) on sale of assets, net | 2.9 | (104.2) | 7.7 |
Other taxes | 270.6 | 268.3 | 288.3 |
Total Operating Expenses | 4,209.9 | 4,584.8 | 3,892.7 |
Operating Income | 1,295.5 | 1,265.8 | 1,006.9 |
Other Income (Deductions) | |||
Interest expense, net | (489.6) | (361.6) | (341.1) |
Other, net | 8 | 52.2 | 40.8 |
Total Other Deductions, Net | (481.6) | (309.4) | (300.3) |
Income before Income Taxes | 813.9 | 956.4 | 706.6 |
Income Taxes | 139.5 | 164.6 | 117.8 |
Net Income | 674.4 | 791.8 | 588.8 |
Net (loss) income attributable to noncontrolling interest | 3.9 | ||
Net Income attributable to NiSource | 714.3 | 804.1 | 584.9 |
Preferred dividends | (42.8) | (55.1) | (55.1) |
Net Income Available to Common Shareholders | $ 661.7 | $ 749 | $ 529.8 |
Earnings Per Share | |||
Basic Earnings Per Share | $ 1.59 | $ 1.84 | $ 1.35 |
Diluted Earnings Per Share | $ 1.48 | $ 1.70 | $ 1.27 |
Average common shares outstanding - Basic | 416,100 | 407,100 | 393,600 |
Diluted Average Common Shares | 447,900 | 442,700 | 417,300 |
Preferred Stock Redemption Premium | $ (9.8) | $ 0 | $ 0 |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net Income | $ 674.4 | $ 791.8 | $ 588.8 | |
Other comprehensive income: | ||||
Net unrealized gain (loss) on available-for-sale securities | [1] | 3.9 | (13.3) | (3.9) |
Net unrealized gain (loss) on cash flow hedges | [2] | (0.2) | 109.9 | 25.4 |
Unrecognized pension and OPEB benefit (costs) | [3] | (0.2) | (6.9) | 8.4 |
Total other comprehensive income | 3.5 | 89.7 | 29.9 | |
Total Comprehensive Income | $ 677.9 | $ 881.5 | $ 618.7 | |
[1] Net unrealized gain (loss) on available-for-sale securities, net of $1.0 million tax expense, $3.5 million tax benefit and $1.0 million tax benefit in 2023, 2022 and 2021, respectively. Unrecognized pension and OPEB benefit (costs), net of $0.1 million tax benefit, $2.3 million tax benefit and $3.8 million tax expense in 2023, 2022 and 2021, respectively. |
Statements of Consolidated Co_2
Statements of Consolidated Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | $ (1) | $ 3.5 | $ 1 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Parent | 0.1 | (36.4) | (8.4) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 0.1 | $ 2.3 | $ (3.8) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment | |||
Plant | $ 30,482.1 | $ 27,551.3 | |
Accumulated depreciation and amortization | (8,207.2) | (7,708.7) | |
Net Property, Plant and Equipment | [1] | 22,274.9 | 19,842.6 |
Investments and Other Assets | |||
Unconsolidated affiliates | 5.3 | 1.6 | |
Available-for-sale debt securities (amortized cost of $169.0 and $166.7, allowance for credit losses of $0.6 and $0.9, respectively) | 159.1 | 151.6 | |
Other investments | 82.7 | 71 | |
Total Investments and Other Assets | 247.1 | 224.2 | |
Current Assets | |||
Cash and cash equivalents | 2,245.4 | 40.8 | |
Restricted cash | 35.7 | 34.6 | |
Accounts receivable | 884.9 | 1,065.8 | |
Allowance for credit losses | (22.9) | (23.9) | |
Accounts receivable, net | 862 | 1,041.9 | |
Gas inventory | 265.8 | 531.7 | |
Materials and supplies, at average cost | 172.1 | 151.4 | |
Electric production fuel, at average cost | 65.3 | 68.8 | |
Exchange gas receivable | 66 | 128.1 | |
Regulatory assets | 214.3 | 233.2 | |
Deposits to renewable generation asset developer | 454.2 | 143.8 | |
Prepayments and other | 118.6 | 210 | |
Total Current Assets | [1] | 4,499.4 | 2,584.3 |
Other Assets | |||
Regulatory assets | 2,245.9 | 2,347.6 | |
Goodwill | 1,485.9 | 1,485.9 | |
Deferred charges and other | 324 | 252 | |
Total Other Assets | 4,055.8 | 4,085.5 | |
Total Assets | 31,077.2 | 26,736.6 | |
Stockholders' Equity | |||
Common stock - $0.01 par value, 750,000,000 shares authorized; 447,381,671 and 412,142,602 shares outstanding, respectively | 4.5 | 4.2 | |
Preferred stock - $0.01 par value, 20,000,000 shares authorized; 40,000 and 1,302,500 shares outstanding, respectively | 486.1 | 1,546.5 | |
Treasury stock | (99.9) | (99.9) | |
Additional paid-in capital | 8,879.5 | 7,375.3 | |
Retained deficit | (967) | (1,213.6) | |
Accumulated other comprehensive loss | (33.6) | (37.1) | |
Total NiSource Stockholders' Equity | 8,269.6 | 7,575.4 | |
Noncontrolling interest in consolidated subsidiaries | 1,866.7 | 326.4 | |
Total Stockholders’ Equity | 10,136.3 | 7,901.8 | |
Long-term debt, excluding amounts due within one year | 11,055.5 | 9,523.6 | |
Total Capitalization | 21,191.8 | 17,425.4 | |
Current Liabilities | |||
Current portion of long-term debt | 23.8 | 30 | |
Short-term borrowings | 3,048.6 | 1,761.9 | |
Accounts payable | 749.4 | 899.5 | |
Customer deposits and credits | 294.4 | 324.7 | |
Taxes accrued | 166.2 | 246.2 | |
Interest accrued | 136.1 | 138.4 | |
Exchange gas payable | 50.5 | 147.6 | |
Regulatory liabilities | 278.6 | 236.8 | |
Accrued compensation and employee benefits | 227.6 | 167.5 | |
Other accruals | 217.4 | 325.2 | |
Total Current Liabilities | 5,265.1 | 4,660.5 | |
Other Liabilities | |||
Deferred Income Tax Liabilities, Net | 2,080.4 | 1,854.5 | |
Accrued liability for postretirement and postemployment benefits | 250.1 | 245.5 | |
Regulatory liabilities | 1,510.7 | 1,775.8 | |
Asset retirement obligations | 480.5 | 478.1 | |
Other noncurrent liabilities | 298.6 | 296.8 | |
Total Other Liabilities(1) | 4,620.3 | 4,650.7 | |
Total Capitalization and Liabilities | 31,077.2 | 26,736.6 | |
Obligations to renewable generation asset developer | 0 | 347.2 | |
Asset Retirement Obligation, Current | $ 72.5 | $ 35.5 | |
[1] (1) Includes $1,369.8 million and $978.5 million in 2023 and 2022, respectively, of net property, plant and equipment assets and $63.6 million and $25.7 million in 2023 and 2022, respectively, of current assets of consolidated VIEs that may be used only to settle obligations of the consolidated VIEs. Refer to Note 4, "Noncontrolling Interest," for additional information. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Amortized Cost | $ 169 | $ 166.7 | |
Allowance for Credit Loss | (0.6) | 0.9 | |
Net Property, Plant and Equipment | [1] | 22,274.9 | 19,842.6 |
Current assets | [1] | $ 4,499.4 | $ 2,584.3 |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 750,000,000 | 750,000,000 | |
Common stock, shares outstanding | 447,381,671 | 412,142,602 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | |
Preferred Stock, Shares Outstanding | 40,000 | 1,302,500 | |
Current liabilities | $ 5,265.1 | $ 4,660.5 | |
Liabilities, Noncurrent | 4,620.3 | 4,650.7 | |
Deposits to renewable generation asset developer | 454.2 | 143.8 | |
Obligations to renewable generation asset developer | 0 | 347.2 | |
Consolidated Variable Interest Entities | |||
Net Property, Plant and Equipment | 1,369.8 | 978.5 | |
Current assets | 63.6 | 25.7 | |
Current liabilities | 68.3 | 128.2 | |
Liabilities, Noncurrent | $ 55.7 | $ 30.6 | |
[1] (1) Includes $1,369.8 million and $978.5 million in 2023 and 2022, respectively, of net property, plant and equipment assets and $63.6 million and $25.7 million in 2023 and 2022, respectively, of current assets of consolidated VIEs that may be used only to settle obligations of the consolidated VIEs. Refer to Note 4, "Noncontrolling Interest," for additional information. |
Statements Of Consolidated Cash
Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Net Income | $ 674.4 | $ 791.8 | $ 588.8 |
Adjustments to Reconcile Net Income to Net Cash from Operating Activities: | |||
Depreciation and amortization | 908.2 | 820.8 | 748.4 |
Deferred income taxes and investment tax credits | 134.1 | 156.9 | 111.9 |
Stock compensation expense and 401(k) profit sharing contribution | 33.5 | 24.9 | 24.3 |
Loss (gain) on sale of assets | 2.9 | (105.3) | 5.6 |
Other adjustments | (17.9) | 5.7 | (0.7) |
Changes in Assets and Liabilities: | |||
Accounts receivable | 184.1 | (216.3) | (40.3) |
Gas storage and other inventories | 233.9 | (258.9) | (112.9) |
Accounts payable | (171.8) | 165 | 54.9 |
Exchange gas receivable/payable | 126.5 | 57.8 | (114.2) |
Other accruals | (102.9) | 73.4 | 43 |
Prepayments and other current assets | 36.7 | (9.8) | (36.6) |
Regulatory assets/liabilities | (26.2) | (129.4) | 76.8 |
Postretirement and postemployment benefits | (22) | 84.7 | (96.4) |
Deferred charges and other noncurrent assets | (10.1) | (4.1) | (4.7) |
Other noncurrent liabilities and deferred credits | (48.3) | (47.8) | (30) |
Net Cash Flows from Operating Activities | 1,935.1 | 1,409.4 | 1,217.9 |
Investing Activities | |||
Capital expenditures | (2,645.8) | (2,203.1) | (1,838) |
Proceeds from Insurance Settlement, Investing Activities | 3 | 105 | 0 |
Cost of removal | (160.8) | (151.7) | (121.1) |
Purchases of available-for-sale securities | (42.8) | (73.5) | (102.9) |
Sales of available-for-sale securities | 39.9 | 75.7 | 97.8 |
Milestone and final payments to renewable generation asset developer | (761.4) | (323.9) | (240.4) |
Other investing activities | (3.7) | 1.3 | (1) |
Net Cash Flows used for Investing Activities | (3,571.6) | (2,570.2) | (2,204.9) |
Financing Activities | |||
Proceeds from issuance of long-term debt | 1,488.7 | 345.6 | 0 |
Repayments of long-term debt and finance lease obligations | (33.1) | (60.3) | (25.7) |
Issuance of short term credit agreements | 1,000 | 0 | |
Repayment of short-term debt (maturity > 90 days) | 650 | ||
Net change in commercial paper and other short-term borrowings | 636.4 | 202.2 | 57 |
Issuance of common stock, net of issuance costs | 12.9 | 154.3 | 299.6 |
Equity costs, premiums and other debt related costs | (30.2) | (13) | (18.2) |
Contributions from noncontrolling interests | 2,402.8 | 21.2 | 245.1 |
Distributions to noncontrolling interest | (14.1) | (6) | (0.6) |
Issuance of equity units, net of underwriting costs | 0 | 0 | 839.9 |
Dividends paid - common stock | (413.5) | (381.5) | (345.2) |
Preferred Stock Redemption Premium | (9.8) | 0 | 0 |
Dividends paid - preferred stock | (43.8) | (55.1) | (55.1) |
Contract liability payment | (66.6) | (66.1) | (40.5) |
Net Cash Flows from Financing Activities | 3,842.2 | 1,141.3 | 956.3 |
Change in cash, cash equivalents and restricted cash | 2,205.7 | (19.5) | (30.7) |
Cash, cash equivalents and restricted cash at beginning of period | 75.4 | 94.9 | 125.6 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 2,281.1 | 75.4 | 94.9 |
Repayments of Other Debt | (347.2) | 0 | 0 |
Proceeds from Issuance of Preferred Stock and Preference Stock | (393.9) | $ 0 | $ 0 |
Preferred Stock | |||
Financing Activities | |||
Preferred Stock Redemption Premium | $ (6.2) |
Statements Of Consolidated Ca_2
Statements Of Consolidated Cash Flows (Schedule of Balance Sheet Reconciliation) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents, at Carrying Value | $ 2,245.4 | $ 40.8 | $ 84.2 | |
Restricted cash | 35.7 | 34.6 | 10.7 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 2,281.1 | $ 75.4 | $ 94.9 | $ 125.6 |
Statements Of Consolidated Stoc
Statements Of Consolidated Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Preferred Stock | Treasury Stock, Common | Additional Paid-in Capital | Retained Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interest in Consolidated Subsidiaries | |
Beginning Balance at Dec. 31, 2020 | $ 5,837.8 | $ 3.9 | $ 880 | [1] | $ (99.9) | $ 6,890.1 | $ (1,765.2) | $ (156.7) | $ 85.6 |
Comprehensive Income (Loss): | |||||||||
Net Income | 588.8 | 0 | 0 | [1] | 0 | 0 | 584.9 | 0 | 3.9 |
Other Comprehensive Income (Loss), Net of Tax | 29.9 | 0 | 0 | [1] | 0 | 0 | 0 | 29.9 | 0 |
Dividends: | |||||||||
Common stock | (345.5) | 0 | 0 | [1] | 0 | 0 | (345.5) | 0 | 0 |
Preferred stock | 55.1 | 0 | 0 | [1] | 0 | 0 | 55.1 | 0 | 0 |
Treasury Stock, Value, Acquired, Cost Method | 236.7 | 0 | [1] | 0 | 0 | 0 | (236.7) | ||
Contribution from noncontrolling interest | (0.6) | 0 | 0 | 0 | 0 | 0 | 0 | 0.6 | |
Stock issuances: | |||||||||
Employee stock purchase plan | 5 | 0 | 0 | [1] | 0 | 5 | 0 | 0 | 0 |
Long-term incentive plan | 11.8 | 0 | 0 | [1] | 0 | 11.8 | 0 | 0 | 0 |
401(k) and profit sharing | 9.5 | 0 | 0 | [1] | 0 | 9.5 | 0 | 0 | 0 |
ATM Program | 288.1 | 0.2 | 0 | [1] | 0 | 287.9 | 0 | 0 | 0 |
Ending Balance at Dec. 31, 2021 | 7,272.9 | 4.1 | 1,546.5 | [1] | (99.9) | 7,204.3 | (1,580.9) | (126.8) | 325.6 |
Stock issuances: | |||||||||
Common stock | 666.5 | 0 | 666.5 | [1] | 0 | 0 | 0 | 0 | 0 |
Preferred Stock Redemption Premium | 0 | ||||||||
Net Income | 791.8 | 0 | 0 | [1] | 0 | 0 | 804.1 | 0 | (12.3) |
Other Comprehensive Income (Loss), Net of Tax | 89.7 | 0 | 0 | [1] | 0 | 0 | 0 | 89.7 | 0 |
Common stock | (381.7) | 0 | 0 | [1] | 0 | 0 | (381.7) | 0 | 0 |
Preferred stock | 55.1 | 0 | 0 | [1] | 0 | 0 | 55.1 | 0 | 0 |
Contribution from noncontrolling interest | (19.1) | 0 | 0 | [1] | 0 | 0 | 0 | 0 | (19.1) |
Distributions to Noncontrolling Interest Holders | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | |
Employee stock purchase plan | 5.2 | 0 | 0 | [1] | 0 | 5.2 | 0 | 0 | 0 |
Long-term incentive plan | 14.3 | 0 | 0 | [1] | 0 | 14.3 | 0 | 0 | 0 |
401(k) and profit sharing | 9.7 | 0 | 0 | [1] | 0 | 9.7 | 0 | 0 | 0 |
ATM Program | 141.9 | 0.1 | 0 | [1] | 0 | 141.8 | 0 | 0 | 0 |
Ending Balance at Dec. 31, 2022 | 7,901.8 | 4.2 | 1,546.5 | [1] | (99.9) | 7,375.3 | (1,213.6) | (37.1) | 326.4 |
Stock issuances: | |||||||||
Preferred Stock Redemption Premium | 0 | ||||||||
Net Income | 674.4 | 0 | 0 | [1] | 0 | 0 | 714.3 | 0 | (39.9) |
Other Comprehensive Income (Loss), Net of Tax | 3.5 | 0 | 0 | [1] | 0 | 0 | 0 | 3.5 | 0 |
Common stock | (414.1) | 0 | 0 | [1] | 0 | 0 | (414.1) | 0 | 0 |
Preferred stock | 43.8 | 0 | 0 | [1] | 0 | 0 | 43.8 | 0 | 0 |
Proceeds from (Payments to) Noncontrolling Interests | 2,170.7 | 0 | 0 | 0 | 809.6 | 0 | 0 | 1,361.1 | |
Contribution from noncontrolling interest | (233.2) | 0 | 0 | [1] | 0 | 0 | 0 | 0 | (233.2) |
Distributions to Noncontrolling Interest Holders | 14.1 | 0 | 0 | [1] | 0 | 0 | 0 | 0 | 14.1 |
Equity Units | 0 | 0.3 | (666.5) | [1] | 0 | 666.2 | 0 | 0 | 0 |
Employee stock purchase plan | 5.9 | 0 | 0 | [1] | 0 | 5.9 | 0 | 0 | 0 |
Long-term incentive plan | 12.6 | 0 | 0 | [1] | 0 | 12.6 | 0 | 0 | 0 |
401(k) and profit sharing | 9.9 | 0 | 0 | [1] | 0 | 9.9 | 0 | 0 | 0 |
Ending Balance at Dec. 31, 2023 | 10,136.3 | 4.5 | 486.1 | [1] | (99.9) | 8,879.5 | (967) | (33.6) | 1,866.7 |
Stock issuances: | |||||||||
Preferred stock redemption | (393.9) | 0 | (393.9) | 0 | 0 | 0 | 0 | 0 | |
Preferred Stock Redemption Premium | $ (9.8) | $ 0 | $ 0 | $ 0 | $ 0 | $ (9.8) | $ 0 | $ 0 | |
[1]Series A and Series C shares had an aggregate liquidation preference of $400M and $863M, respectively. Series B has an aggregate liquidation preference of $500M See Note 6, "Equity," for additional information. |
Statements Of Consolidated St_2
Statements Of Consolidated Stockholders' Equity (Shares) - shares shares in Thousands | Total | Common Stock | Treasury Stock, Common | Preferred Stock |
Beginning Balance at Dec. 31, 2020 | 391,760 | 395,723 | 3,963 | 440 |
Issued: | ||||
Equity Units | 0 | 0 | 0 | (863) |
Employee stock purchase plan | 209 | 209 | 0 | 0 |
Long-term incentive plan | 418 | 418 | 0 | 0 |
401(k) and profit sharing plan | 391 | 391 | 0 | 0 |
ATM Program | 12,525 | 12,525 | 0 | 0 |
Ending Balance at Dec. 31, 2021 | 405,303 | 409,266 | 3,963 | 1,303 |
Issued: | ||||
Employee stock purchase plan | 186 | 186 | 0 | 0 |
Long-term incentive plan | 375 | 375 | 0 | 0 |
401(k) and profit sharing plan | 337 | 337 | 0 | 0 |
ATM Program | 5,942 | 5,942 | 0 | 0 |
Ending Balance at Dec. 31, 2022 | 412,143 | 416,106 | 3,963 | 1,303 |
Issued: | ||||
Equity Units | (33,899) | (33,899) | 0 | 863 |
Preferred Stock Shares Redeemed | (400) | |||
Employee stock purchase plan | 216 | 216 | 0 | 0 |
Long-term incentive plan | 758 | 758 | 0 | 0 |
401(k) and profit sharing plan | 366 | 366 | 0 | 0 |
ATM Program | 0 | 0 | 0 | |
Ending Balance at Dec. 31, 2023 | 447,382 | 451,345 | 3,963 | 40 |
Statements of Consolidated St_3
Statements of Consolidated Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Stock, Dividends, Per Share, Declared | $ 1 | $ 0.94 | $ 0.88 |
Series A Preferred Stock | |||
Preferred Stock, Liquidation Preference, Value | $ 400 | $ 400 | $ 400 |
Series B Preferred Stock | |||
Preferred Stock, Liquidation Preference, Value | 500 | $ 500 | $ 500 |
Series C Preferred Stock | |||
Preferred Stock, Liquidation Preference, Value | $ 863 |
Nature of Operations And Summar
Nature of Operations And Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | A. Company Structure and Principles of Consolidation. We are an energy holding company incorporated in Delaware and headquartered in Merrillville, Indiana. Our subsidiaries are fully regulated natural gas and electric utility companies serving approximately 3.8 million customers in six states. We generate substantially all of our operating income through these rate-regulated businesses. The consolidated financial statements include the accounts of us, our majority-owned subsidiaries, and VIEs of which we are the primary beneficiary after the elimination of all intercompany accounts and transactions. B. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. C. Cash, Cash Equivalents and Restricted Cash. We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. We report amounts deposited in brokerage accounts for margin requirements as restricted cash. In addition, we have amounts deposited in trusts to satisfy requirements for the provision of various property, liability, workers compensation, and long-term disability insurance, and holdbacks related to certain joint venture development agreements which is classified as restricted cash on the Consolidated Balance Sheets and disclosed with cash and cash equivalents on the Statements of Consolidated Cash Flows. D. Accounts Receivable and Unbilled Revenue. Accounts receivable on the Consolidated Balance Sheets includes both billed and unbilled amounts. Unbilled amounts of accounts receivable relate to a portion of a customer’s consumption of gas or electricity from their last cycle billing date through the last day of the month (balance sheet date). Factors taken into consideration when estimating unbilled revenue include historical usage, customer rates, weather and reasonable and supportable forecasts. Accounts receivable fluctuates from year to year depending in large part on weather impacts and price volatility. Our accounts receivable on the Consolidated Balance Sheets include unbilled revenue, less reserves. The reserve for uncollectible receivables is our best estimate of the amount of probable credit losses in the existing accounts receivable. We determined the reserve based on historical collection experience, current market conditions and reasonable and supportable forecasts. Account balances are charged against the allowance when it is anticipated the receivable will not be recovered. Refer to Note 3, "Revenue Recognition," for additional information on customer-related accounts receivable, including amounts related to unbilled revenues. E. Investments in Debt Securities. Our investments in debt securities are carried at fair value and are designated as available-for-sale. These investments are included within “Available-for-sale debt securities” on the Consolidated Balance Sheets. Unrealized gains and losses, net of deferred income taxes, are recorded to accumulated other comprehensive income or loss. At each reporting period these investments are qualitatively and quantitatively assessed to determine whether a decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. Impairments related to credit loss are recorded through an allowance for credit losses. Impairments that are not related to credit losses are included in other comprehensive income and are reflected in the Statements of Consolidated Income. No material impairment charges were recorded for the years ended December 31, 2023, 2022 or 2021. Refer to Note 14, "Fair Value," for additional information. F. Basis of Accounting for Rate-Regulated Subsidiaries. Rate-regulated subsidiaries account for and report assets and liabilities consistent with the economic effect of the way in which regulators establish rates, if the rates established are designed to recover the costs of providing the regulated service and it is probable that such rates can be billed and collected. Certain expenses and credits subject to utility regulation or rate determination normally reflected in income are deferred on the Consolidated Balance Sheets and are later recognized in income as the related amounts are included in customer rates and recovered from or refunded to customers. We continually evaluate whether or not our operations are within the scope of ASC 980 and rate regulations. As part of that analysis, we evaluate probability of recovery for our regulatory assets. In management’s opinion, our regulated subsidiaries will be subject to regulatory accounting for the foreseeable future. Refer to Note 12, "Regulatory Matters," for additional information. G. Plant and Other Property and Related Depreciation and Maintenance. Property, plant and equipment (principally utility plant) is stated at cost. Our rate-regulated subsidiaries record depreciation using composite rates on a straight-line basis over the remaining service lives of the electric, gas and common properties, as approved by the appropriate regulators. Non-utility property includes renewable generation assets owned by JVs of which we are the primary beneficiary and is generally depreciated over the life of the associated assets. Refer to Note 9, "Property, Plant and Equipment," for additional information related to depreciation expense. For rate-regulated companies where provided for in rates, AFUDC is capitalized on all classes of property except organization costs, land, autos, office equipment, tools and other general property purchases. The allowance is applied to construction costs for that period of time between the date of the expenditure and the date on which such project is placed in service. Our consolidated pre-tax rate for AFUDC was 3.9% in 2023, 3.4% in 2022 and 3.3% in 2021. Generally, our subsidiaries follow the practice of charging maintenance and repairs, including the cost of removal of minor items of property, to expense as incurred. When our subsidiaries retire regulated property, plant and equipment, original cost plus the cost of retirement, less salvage value, is charged to accumulated depreciation. However, when it becomes probable a regulated asset will be retired substantially in advance of its original expected useful life or is abandoned, the cost of the asset and the corresponding accumulated depreciation is recognized as a separate asset. If the asset is still in operation, the gross amounts are classified as "Non-Utility and Other " as described in Note 9, "Property, Plant and Equipment." If the asset is no longer operating but still subject to recovery, the net amount is classified in "Regulatory assets" on the Consolidated Balance Sheets. If we are able to recover a full return of and on investment, the carrying value of the asset is based on historical cost. If we are not able to recover a full return on investment, a loss on impairment is recognized to the extent the net book value of the asset exceeds the present value of future revenues discounted at the incremental borrowing rate. External and internal costs associated with on-premise computer software developed for internal use are capitalized. Capitalization of such costs commences upon the completion of the preliminary stage of each project. Once the installed software is ready for its intended use, such capitalized costs are amortized on a straight-line basis generally over a period of five years. External and internal up-front implementation costs associated with cloud computing arrangements that are service contracts are deferred on the Consolidated Balance Sheets. Once the installed software is ready for its intended use, such deferred costs are amortized on a straight-line basis to "Operation and maintenance," over the minimum term of the contract plus contractually-provided renewal periods that are reasonably expected to be exercised. H. Goodwill and Other Intangible Assets. Substantially all of our goodwill relates to the excess of cost over the fair value of the net assets acquired in the Columbia acquisition on November 1, 2000. We test our goodwill for impairment annually as of May 1, or more frequently if events and circumstances indicate that goodwill might be impaired. Fair value of our reporting units is determined using a combination of income and market approaches. See Note 10, "Goodwill," for additional information. I. Accounts Receivable Transfer Programs. Certain of our subsidiaries have agreements with third parties to transfer certain accounts receivable without recourse. These transfers of accounts receivable are accounted for as secured borrowings. The entire gross receivables balance remains on the December 31, 2023 and 2022 Consolidated Balance Sheets. When amounts are securitized, the short-term debt is recorded in the amount of proceeds received from the transferees involved in the transactions. Refer to Note 7, "Short-Term Borrowings," for further information. J. Gas Cost and Fuel Adjustment Clause. Our regulated subsidiaries defer most differences between gas and fuel purchase costs and the recovery of such costs in revenues and adjust future billings for such deferrals on a basis consistent with applicable state-approved tariff provisions. These deferred balances are recorded as "Regulatory assets" or "Regulatory liabilities," as appropriate, on the Consolidated Balance Sheets. Refer to Note 12, "Regulatory Matters," for additional information. K. Gas Storage and Other Inventories. Both the LIFO inventory methodology and the weighted average cost methodology are used to value natural gas in storage, as approved by regulators for all of our regulated subsidiaries. Inventory valued using LIFO was $43.9 million and $43.0 million at December 31, 2023 and 2022, respectively. Based on the average cost of gas using the LIFO method, the estimated replacement cost of gas in storage was less than the stated LIFO cost by $22.5 million at December 31, 2023 and was greater than the stated LIFO cost by $7.7 million at December 31, 2022. As all LIFO inventory costs are collected from customers through our rate-regulated subsidiaries, no inventory impairment has been recorded. Gas inventory valued using the weighted average cost methodology was $222.0 million at December 31, 2023 and $488.7 million at December 31, 2022. Electric production fuel is valued using the weighted average cost inventory methodology, as approved by NIPSCO's regulator. Materials and supplies are valued using the weighted average cost inventory methodology. Materials and supplies are charged to expense or capitalized to property, plant and equipment when issued. L. Accounting for Exchange and Balancing Arrangements of Natural Gas. Our Gas Distribution Operations segment enters into balancing and exchange arrangements of natural gas as part of its operations and off-system sales programs. We record a receivable or payable for any of our respective cumulative gas imbalances, as well as for any gas inventory borrowed or lent under a Gas Distribution Operations exchange agreement. Exchange gas is valued based on individual regulatory jurisdiction requirements (for example, historical spot rate, spot at the beginning of the month). These receivables and payables are recorded as “Exchange gas receivable” or “Exchange gas payable” on our Consolidated Balance Sheets, as appropriate. M. Accounting for Risk Management Activities. We account for our derivatives and hedging activities in accordance with ASC 815. We recognize all derivatives as either assets or liabilities on the Consolidated Balance Sheets at fair value, unless such contracts are exempted as a normal purchase normal sale under the provisions of the standard. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and resulting designation. We do not offset the fair value amounts recognized for any of our derivative instruments against the fair value amounts recognized for the right to reclaim cash collateral or obligation to return cash collateral for derivative instruments executed with the same counterparty under a master netting arrangement. See Note 13, "Risk Management Activities," for additional information. N. Income Taxes and Investment Tax Credits. We record income taxes to recognize full interperiod tax allocations. Under the asset and liability method, deferred income taxes are provided for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amount and the tax basis of existing assets and liabilities. Investment tax credits associated with regulated operations are deferred and amortized as a reduction to income tax expense over the estimated useful lives of the related properties. To the extent certain deferred income taxes of the regulated companies are recoverable or payable through future rates, regulatory assets and liabilities have been established. Regulatory assets for income taxes are primarily attributable to property-related tax timing differences for which deferred taxes had not been provided in the past when regulators did not recognize such taxes as costs in the rate-making process. Regulatory liabilities for income taxes are primarily attributable to the regulated companies’ obligation to refund to ratepayers deferred income taxes provided at rates higher than the current Federal income tax rate. Such property-related amounts are credited to ratepayers using either the average rate assumption method or the reverse South Georgia method. Non property-related amounts are credited to ratepayers consistent with state utility commission direction. Pursuant to the Internal Revenue Code and relevant state taxing authorities, we and our subsidiaries file consolidated income tax returns for federal and certain state jurisdictions. We and our subsidiaries are parties to a tax sharing agreement. Income taxes recorded by each party represent amounts that would be owed had the party been separately subject to tax. O. Pension Remeasurement. We utilize a third-party actuary for the purpose of performing actuarial valuations of our defined benefit plans. Annually, as of December 31, we perform a remeasurement for our defined benefit plans. Quarterly, we monitor for significant events, and if a significant event is identified, we perform a qualitative and quantitative assessment to determine if the resulting remeasurement would materially impact the NiSource financial statements. If material, an interim remeasurement is performed. See Note 16, "Pension and Other Postemployment Benefits," for additional information. P. Environmental Expenditures. We accrue for costs associated with environmental remediation obligations, including expenditures related to asset retirement obligations and cost of removal, when the incurrence of such costs is probable and the amounts can be reasonably estimated, regardless of when the expenditures are actually made. The undiscounted estimated future expenditures are based on currently enacted laws and regulations, existing technology and estimated site-specific costs where assumptions may be made about the nature and extent of site contamination, the extent of cleanup efforts, costs of alternative cleanup methods and other variables. The liability is adjusted as further information is discovered or circumstances change. The accruals for estimated environmental expenditures are recorded on the Consolidated Balance Sheets in “Other accruals” for short-term portions of these liabilities and “Other noncurrent liabilities” for the respective long-term portions of these liabilities. Rate-regulated subsidiaries applying regulatory accounting establish regulatory assets on the Consolidated Balance Sheets to the extent that future recovery of environmental remediation costs is probable through the regulatory process. Refer to Note 11, "Asset Retirement Obligations," and Note 19, "Other Commitments and Contingencies," for further information. Q. Excise Taxes. As an agent for some state and local governments, we invoice and collect certain excise taxes levied by state and local governments on customers and record these amounts as liabilities payable to the applicable taxing jurisdiction. Such balances are presented within "Other accruals" on the Consolidated Balance Sheets. These types of taxes collected from customers, comprised largely of sales taxes, are presented on a net basis affecting neither revenues nor cost of sales. We account for excise taxes for which we are liable by recording a liability for the expected tax with a corresponding charge to “Other taxes” expense on the Statements of Consolidated Income. R. Accrued Insurance Liabilities. We accrue for insurance costs related to workers compensation, automobile, property, general and employment practices liabilities based on the most probable value of each claim. In general, claim values are determined by professional, licensed loss adjusters who consider the facts of the claim, anticipated indemnification and legal expenses, and respective state rules. Claims are reviewed by us at least quarterly and an adjustment is made to the accrual based on the most current information. S. Noncontrolling Interest. We maintain a controlling financial interest in certain of our less than wholly owned subsidiaries. We consolidate these subsidiaries as either voting interest entities or VIEs and present the third-party investors' portion of our net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Consolidated Balance Sheet. On December 31, 2023, the NIPSCO Minority Interest Transaction closed and a 19.9% equity interest in NIPSCO Holdings II, the sole owner of NIPSCO, was issued to an affiliate of Blackstone. NIPSCO Holdings II does not meet the criteria of a VIE and instead is consolidated under the voting interest model in accordance with ASC 810 as we maintain control through a majority interest in NIPSCO Holdings II. Refer to Note 4, "Noncontrolling Interest," for further discussion on the NIPSCO Minority Interest Transaction. We fund a significant portion of our renewable generation assets through JVs with tax equity partners. We consolidate these JVs in accordance with ASC 810 as they are VIEs in which we hold a variable interest, and we control decisions that are significant to the JVs' ongoing operations and economic results (i.e., we are the primary beneficiary). These JVs are subject to profit sharing arrangements in which the allocation of the JVs' cash distributions and tax benefits to members is based on factors other than members' relative ownership percentages. As such, we utilize the HLBV method to allocate proceeds to each partner at the balance sheet date based on the liquidation provisions of the related JV's operating agreement and adjusts the amount of the VIE's net income attributable to us and the noncontrolling tax equity member during the period. In each reporting period, the application of HLBV to our consolidated VIEs results in a difference between the amount of profit from the consolidated JVs and the amount included in regulated rates. As discussed above in "F. Basis of Accounting for Rate-Regulated Subsidiaries," we are subject to the accounting and reporting requirements of ASC 980. In accordance with these principles, we recognize a regulatory liability or asset for amounts representing the timing difference between the profit earned from the JVs and the amount included in regulated rates to recover our approved investments in consolidated JVs. The amounts recorded in income will ultimately reflect the amount allowed in regulated rates to recover our investments over the useful life of the projects. The offset to the regulatory liability or asset associated with our renewable investments included in regulated rates is recorded in "Depreciation expense" on the Statements of Consolidated Income. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-05 , Business Combinations- Joint Venture Formations. This pronouncement codifies ASU 805-60 to provide guidance for the recognition and initial measurement of joint venture formations. This guidance requires that the initial assets contributed and liabilities assumed be recognized and measured at fair value, with additional disclosure requirements during the period a joint venture is formed. The pronouncement is effective for joint ventures formed on or after January 1, 2025. We are currently evaluating the impact of this pronouncement on the formation of future joint ventures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This pronouncement enhances annual and interim disclosure requirements over reportable segments, primarily through enhanced disclosures about significant segment expenses. Specifically, the pronouncement requires disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of segment profit or loss, disclosure of an amount for other segment items representing the difference between segment revenue and segment expenses already disclosed, disclosure of all required annual disclosures for interim periods and disclosure of title and position of the CODM and how the CODM uses reported measures. The pronouncement also allows for more than one measure of segment profit if the CODM uses more than one measure in assessing segment performance. The pronouncement is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impacts this ASU will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This pronouncement enhances required income tax disclosures. The pronouncement will require disclosure of specific categories and reconciling items included in the rate reconciliation, disaggregation between federal, state and local income taxes paid, and disclosure of income taxes paid by jurisdictions over a certain threshold. Additionally, the pronouncement eliminates certain required disclosures related to unrecognized tax benefits. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted, and is to be applied on a prospective basis with retrospective application permitted. We are currently evaluating the impacts this amendment will have on our income tax disclosures. Recently Adopted Accounting Pronouncements In September 2022, the FASB issued ASU 2022-04 Liabilities-Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations . This pronouncement requires that a buyer in a supplier finance program disclose sufficient information to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. This pronouncement is expected to improve financial reporting by requiring new disclosures about supplier finance programs, thereby allowing financial statement users to better consider the effect of such programs on an entity’s working capital, liquidity, and cash flows. This pronouncement is effective for fiscal years beginning after December 15, 2022. The company adopted this pronouncement as of January 1, 2023. We had no active supplier finance programs as of December 31, 2023. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Customer Revenues. Substantially all of our revenues are tariff-based. Under ASC 606, the recipients of our utility service meet the definition of a customer, while the operating company tariffs represent an agreement that meets the definition of a contract, which creates enforceable rights and obligations. Customers in certain of our jurisdictions participate in programs that allow for a fixed payment each month regardless of usage. Payments received that exceed the value of gas or electricity actually delivered are recorded as a liability and presented in "Customer Deposits and Credits" on the Consolidated Balance Sheets. Amounts in this account are reduced and revenue is recorded when customer usage exceeds payments received. We have identified our performance obligations created under tariff-based sales as 1) the commodity (natural gas or electricity, which includes generation and capacity) and 2) delivery. These commodities are sold and / or delivered to and generally consumed by customers simultaneously, leading to satisfaction of our performance obligations over time as gas or electricity is delivered to customers. Due to the at-will nature of utility customers, performance obligations are limited to the services requested and received to date. Once complete, we generally maintain no additional performance obligations. Transaction prices for each performance obligation are generally prescribed by each operating company’s respective tariff. Rates include provisions to adjust billings for fluctuations in fuel and purchased power costs and cost of natural gas. Revenues are adjusted for differences between actual costs, subject to reconciliation, and the amounts billed in current rates. Under or over recovered revenues related to these cost recovery mechanisms are included in "Regulatory Assets" or "Regulatory Liabilities" on the Consolidated Balance Sheets and are recovered from or returned to customers through adjustments to tariff rates. As we provide and deliver service to customers, revenue is recognized based on the transaction price allocated to each performance obligation. Distribution revenues are generally considered daily or "at-will" contracts as customers may cancel their service at any time (subject to notification requirements), and revenue generally represents the amount we are entitled to bill customers. In addition to tariff-based sales, our Gas Distribution Operations segment enters into balancing and exchange arrangements of natural gas as part of our operations and off-system sales programs. Performance obligations for these types of sales include transportation and storage of natural gas and can be satisfied at a point in time or over a period of time, depending on the specific transaction. For those transactions that span a period of time, we record a receivable or payable for any cumulative gas imbalances, as well as for any gas inventory borrowed or lent under a Gas Distributions Operations exchange agreement. Revenue Disaggregation and Reconciliation. We disaggregate revenue from contracts with customers based upon reportable segment, as well as by customer class. The Gas Distribution Operations segment provides natural gas service and transportation for residential, commercial and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, Maryland, and Indiana. The Electric Operations segment provides electric service in 20 counties in the northern part of Indiana. Other Revenues. As permitted by accounting principles generally accepted in the United States, regulated utilities have the ability to earn certain types of revenue that are outside the scope of ASC 606. These revenues primarily represent revenue earned under alternative revenue programs. Alternative revenue programs represent regulator-approved mechanisms that allow for the adjustment of billings and revenue for certain approved programs. We maintain a variety of these programs, including demand side management initiatives that recover costs associated with the implementation of energy efficiency programs, as well as normalization programs that adjust revenues for the effects of weather or other external factors. Additionally, we maintain certain programs with future test periods that operate similarly to FERC formula rate programs and allow for recovery of costs incurred to replace aging infrastructure. When the criteria to recognize alternative revenue have been met, we establish a regulatory asset and present revenue from alternative revenue programs on the Statements of Consolidated Income as “Other revenues”. When amounts previously recognized under alternative revenue accounting guidance are billed, we reduce the regulatory asset and record a customer account receivable. The tables below reconcile revenue disaggregation by customer class to segment revenue, as well as to revenues reflected on the Statements of Consolidated Income: Year Ended December 31, 2023 (in millions) Gas Distribution Operations (2) Electric Operations (3) Corporate and Other Total Customer Revenues (1) Residential $ 2,462.5 $ 583.9 $ — $ 3,046.4 Commercial 847.9 578.1 — 1,426.0 Industrial 226.0 474.1 — 700.1 Off-system 60.6 — — 60.6 Wholesale 1.6 32.0 — 33.6 Public Authority — 11.5 — 11.5 Miscellaneous (4) 48.2 21.4 — 69.6 Total Customer Revenues $ 3,646.8 $ 1,701.0 $ — $ 5,347.8 Other Revenues 73.6 83.2 0.8 157.6 Total Operating Revenues $ 3,720.4 $ 1,784.2 $ 0.8 $ 5,505.4 (1) Customer revenue amounts exclude intersegment revenues. See Note 21, "Business Segment Information," for discussion of intersegment revenues. (2) Amounts included in Gas Distributions Operations Other revenues primarily related to weather normalization adjustment mechanisms. (3) Amounts included in Electric Operations Other revenues primarily relate to MISO multi-value projects and revenue from non-jurisdictional transmission assets. (4) Amounts included in Gas Distributions are primarily related to earnings share mechanisms and late fees. Amounts included in Electric Operations are primarily related to late fees, property rentals, revenue refunds and adjustments. Year Ended December 31, 2022 (in millions) Gas Distribution Operations (2) Electric Operations (3) Corporate and Other (4) Total Customer Revenues (1) Residential $ 2,609.7 $ 592.4 $ — $ 3,202.1 Commercial 939.6 571.0 — 1,510.6 Industrial 220.6 560.6 — 781.2 Off-system 192.9 — — 192.9 Wholesale 2.1 13.5 — 15.6 Public Authority — 12.1 — 12.1 Miscellaneous (5) 38.2 (14.1) — 24.1 Total Customer Revenues $ 4,003.1 $ 1,735.5 $ — $ 5,738.6 Other Revenues 4.1 95.4 12.5 112.0 Total Operating Revenues $ 4,007.2 $ 1,830.9 $ 12.5 $ 5,850.6 (1) Customer revenue amounts exclude intersegment revenues. See Note 21, "Business Segment Information," for discussion of intersegment revenues. (2) Amounts included in Gas Distributions Operations Other revenues primarily related to weather normalization adjustment mechanisms. (3) Amounts included in Electric Operations Other revenues primarily relate to MISO multi-value projects and revenue from non-jurisdictional transmission assets. (4) Other revenues related to the Transition Services Agreement entered into in connection with the sale of the Massachusetts Business, which was substantially completed as of June 30, 2022. (5) Amounts included in Gas distributions are primarily related to earnings share mechanisms and late fees. Amounts included in Electric Operations are primarily related to revenue trackers, late fees, and property rentals. Year Ended December 31, 2021 (in millions) Gas Distribution Operations (2) Electric Operations (3) Corporate and Other (4) Total Customer Revenues (1) Residential $ 2,109.4 $ 567.9 $ — $ 2,677.3 Commercial 722.4 534.9 — 1,257.3 Industrial 195.7 493.4 — 689.1 Off-system 71.3 — — 71.3 Wholesale 1.4 15.7 — 17.1 Public Authority — 12.5 — 12.5 Miscellaneous (5) 25.9 (20.0) 0.8 6.7 Total Customer Revenues $ 3,126.1 $ 1,604.4 $ 0.8 $ 4,731.3 Other Revenues 45.1 91.9 31.3 168.3 Total Operating Revenues $ 3,171.2 $ 1,696.3 $ 32.1 $ 4,899.6 (1) Customer revenue amounts exclude intersegment revenues. See Note 21, "Business Segment Information," for discussion of intersegment revenues. (2) Amounts included in Gas Distributions Operations Other revenues primarily related to weather normalization adjustment mechanisms. (3) Amounts included in Electric Operations Other revenues primarily relate to MISO multi-value projects and revenue from non-jurisdictional transmission assets. (4) Other revenues related to the Transition Services Agreement entered into in connection with the sale of the Massachusetts Business. (5) Amounts included in Gas distributions are primarily related to earnings share mechanisms and late fees. Amounts included in Electric Operations are primarily related to revenue trackers, late fees and property rentals. Customer Accounts Receivable. Accounts receivable on our Consolidated Balance Sheets includes both billed and unbilled amounts, as well as certain amounts that are not related to customer revenues. Unbilled amounts of accounts receivable relate to a portion of a customer’s consumption of gas or electricity from the date of their last cycle billing through the last day of the month (balance sheet date). Factors taken into consideration when estimating unbilled revenue include historical usage, customer rates, and weather. A significant portion of our operations are subject to seasonal fluctuations in sales. During the heating season, primarily from November through March, revenues and receivables from gas sales are more significant than in other months. The opening and closing balances of customer receivables for the year ended December 31, 2023, are presented in the table below. We had no significant contract assets or liabilities during the period. Additionally, we have not incurred any significant costs to obtain or fulfill contracts. (in millions) Customer Accounts Receivable, Billed (less reserve) Customer Accounts Receivable, Unbilled (less reserve) Balance as of December 31, 2022 $ 560.5 $ 453.0 Balance as of December 31, 2023 479.4 337.6 Utility revenues are billed to customers monthly on a cycle basis. We expect that substantially all customer accounts receivable will be collected following customer billing, as this revenue consists primarily of periodic, tariff-based billings for service and usage. We maintain common utility credit risk mitigation practices, including requiring deposits and actively pursuing collection of past due amounts. Our regulated operations also utilize certain regulatory mechanisms that facilitate recovery of bad debt costs within tariff-based rates, which provides further evidence of collectibility. It is probable that substantially all of the consideration to which we are entitled from customers will be collected upon satisfaction of performance obligations. Allowance for Credit Losses. To evaluate for expected credit losses, customer account receivables are pooled based on similar risk characteristics, such as customer type, geography, payment terms, and related macro-economic risks. Expected credit losses are established using a model that considers historical collections experience, current information, and reasonable and supportable forecasts. Internal and external inputs are used in our credit model including, but not limited to, energy consumption trends, revenue projections, actual charge-offs data, recoveries data, shut-offs, customer delinquencies, final bill data, and inflation. We continuously evaluate available information relevant to assessing collectability of current and future receivables. We evaluate creditworthiness of specific customers periodically or following changes in facts and circumstances. When we become aware of a specific commercial or industrial customer's inability to pay, an allowance for expected credit losses is recorded for the relevant amount. We also monitor other circumstances that could affect our overall expected credit losses including, but not limited to, creditworthiness of overall population in service territories, adverse conditions impacting an industry sector, and current economic conditions. At each reporting period, we record expected credit losses to an allowance for credit losses account. When deemed to be uncollectible, customer accounts are written-off. A rollforward of our allowance for credit losses as of December 31, 2023 and December 31, 2022, are presented in the tables below: (in millions) Gas Distribution Operations Electric Operations Corporate and Other Total Balance as of January 1, 2023 $ 17.2 $ 5.9 $ 0.8 $ 23.9 Current period provisions 33.8 6.0 — 39.8 Write-offs charged against allowance (55.4) (6.2) — (61.6) Recoveries of amounts previously written off 20.4 0.4 — 20.8 Balance as of December 31, 2023 $ 16.0 $ 6.1 $ 0.8 $ 22.9 (in millions) Gas Distribution Operations Electric Operations Corporate and Other Total Balance as of January 1, 2022 $ 18.9 $ 3.8 $ 0.8 $ 23.5 Current period provisions 29.1 6.9 — 36.0 Write-offs charged against allowance (52.1) (5.3) — (57.4) Recoveries of amounts previously written off 21.3 0.5 — 21.8 Balance as of December 31, 2022 $ 17.2 $ 5.9 $ 0.8 $ 23.9 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entities [Abstract] | |
Noncontrolling Interest Disclosure | Variable Interest Entities. A VIE is an entity in which the controlling interest is determined through means other than a majority voting interest. Refer to Note 1, "Nature of Operations and Summary of Significant Accounting Policies - S. Noncontrolling Interest," for information on our accounting policy for the VIEs. NIPSCO owns and operates two wind facilities, Rosewater and Indiana Crossroads Wind, which have 102 MW and 302 MW of nameplate capacity, respectively. NIPSCO also owns two solar facilities, Indiana Crossroads Solar and Dunns Bridge I, which went into service in June 2023, with a combined 465 MW of nameplate capacity. During August 2023, NIPSCO and the tax equity partners made final cash contributions in accordance with the equity capital contribution agreement. In August 2023, Indiana Crossroads Solar and Dunns Bridge I reached substantial completion, resulting in NIPSCO making a combined $307.2 million in developer payments. We control decisions that are significant to these entities' ongoing operations and economic results. Therefore, we have concluded that NIPSCO is the primary beneficiary and have consolidated all four entities. Members of each respective JV include NIPSCO (who is the managing member) and a tax equity partner. Earnings, tax attributes and cash flows are allocated to both NIPSCO and the tax equity partner in varying percentages by category and over the life of the partnership. Since 2021, NIPSCO and the tax equity partner have contributed $401.5 million and $507.2 million, respectively. For the two wind facilities, NIPSCO assumed an obligation to the developers of each facility, representing the remaining economic interest. NIPSCO resolved this obligation by acquiring the developers' economic interests in June 2023 for $389.2 million which includes the December 31, 2022 obligation of $347.2 million and interest of $42.0 million. Once the tax equity partner has earned their negotiated rate of return and have reached a stated contractual date, NIPSCO has the option to purchase the remaining interest in the respective JV, at fair market value from the tax equity partner. NIPSCO has an obligation to purchase 100% of the electricity generated by our in service JVs. We did not provide any financial or other support during the year that was not previously contractually required, nor do we expect to provide such support in the future. Our Consolidated Balance Sheets included the following assets and liabilities associated with VIEs. (in millions) December 31, December 31, Net Property, Plant and Equipment $ 1,369.8 $ 978.5 Current assets 63.6 25.7 Total assets (1) 1,433.4 1,004.2 Current liabilities 68.3 128.2 Asset retirement obligations 55.7 30.6 Total liabilities $ 124.0 $ 158.8 (1) The assets of each VIE represent assets of a consolidated VIE that can be used only to settle obligations of the respective consolidated VIE. The creditors of the liabilities of the VIEs do not have recourse to the general credit of the primary beneficiary. Voting Interest Entities. On June 17, 2023, NiSource and its wholly-owned subsidiary, NIPSCO Holdings II, entered into the BIP Purchase Agreement. NIPSCO Holdings II is the 100% owner of all issued and outstanding membership interests of NIPSCO. Under the terms of the BIP Purchase Agreement, we agreed to issue a 19.9% equity interest in NIPSCO Holdings II to BIP, an affiliate of Blackstone, in exchange for a cash contribution of $2.15 billion at closing, subject to adjustment based on the timing of closing and the amount of NiSource capital contributions made prior to closing. The closing of the NIPSCO Minority Equity Interest Transaction was subject to the satisfaction of certain customary closing conditions described in the Blackstone Purchase Agreement, including receipt of authorization by FERC. FERC approval was received on October 19, 2023. On December 31, 2023, we consummated the issuance of a 19.9% indirect equity interest in NIPSCO to BIP in exchange for a capital contribution of $2.16 billion in cash. The difference between the $2.16 billion consideration received and the $1.36 billion carrying value of the noncontrolling interest claim on net assets was recorded to additional paid-in capital, net of $54.7 million |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The calculations of basic and diluted EPS are based on the weighted average number of shares of common stock and potential common stock outstanding during the period. For the purposes of determining diluted EPS, the shares underlying the purchase contracts included within the Equity Units were included in the calculation of potential common stock outstanding for the years ended December 31, 2023, 2022 and 2021 using the if-converted method under US GAAP. This method assumes conversion at the beginning of the reporting period, or at time of issuance, if later. The purchase contracts were settled on December 1, 2023. For the purchase contracts, the number of shares of our common stock that would have been issuable at the end of each reporting period prior to the settlement date were reflected in the denominator of our diluted EPS calculation. A numerator adjustment was reflected in the calculation of diluted EPS for interest expense incurred in 2023, 2022 and 2021, net of tax, related to the purchase contracts. We adopted ASU 2020-06 on January 1, 2022, which required us to assume share settlement of the remaining purchase contract payment balance from our Equity Units based on the average share price during the period. The shares underlying the Series C Mandatory Convertible Preferred Stock included within the Equity Units were contingently convertible as the conversion was contingent on a successful remarketing as described in Note 6, "Equity." Contingently convertible shares where conversion was not tied to a market price trigger were excluded from the calculation of diluted EPS until such time as the contingency had been resolved under the if-converted method. As described in Note 6, "Equity.", the unsuccessful remarketing resolved the contingency and no shares were reflected in the denominator for the years ended December 31, 2023, 2022 and 2021, for the calculation of diluted EPS. Diluted EPS also includes the incremental effects of our various long-term incentive compensation plans and open ATM forward agreements during the period under the treasury stock method when the impact would be dilutive. We began using the two-class method of computing earnings per share in 2023 because we have participating securities in the form of non-vested restricted stock units with a non-forfeitable right to dividend equivalents, for which vesting is predicated solely on the passage of time. The calculation of earnings per share using the two-class method excludes income attributable to these participating securities from the numerator and excludes the dilutive impact of those shares from the denominator. During 2022, we had no outstanding securities other than common and preferred stock, which required holders’ participation in dividends and earnings; therefore, we were not required to calculate EPS under the two-class method. Basic net income per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by giving effect to all potential shares of common stock, to the extent they are dilutive. The following table presents the calculation of our basic and diluted EPS: Year Ended December 31, (in millions, except per share amounts) 2023 2022 2021 Numerator: Net Income Available to Common Shareholders $ 661.7 $ 749.0 $ 529.8 Less: Income allocated to participating securities 0.6 — — Net Income Available to Common Shareholders - Basic $ 661.1 $ 749.0 $ 529.8 Add: Dilutive effect of Equity Units 1.4 2.0 1.6 Net Income Available to Common Shareholders - Diluted $ 662.5 $ 751.0 $ 531.4 Denominator: Average common shares outstanding - Basic 416.1 407.1 393.6 Dilutive potential common shares: Equity Units purchase contracts 29.8 30.2 22.0 Equity Units purchase contract payment balance 0.9 3.2 — Shares contingently issuable under employee stock plans 0.7 0.9 0.8 Shares restricted under employee stock plans 0.4 0.5 0.3 ATM Forward agreements — 0.8 0.6 Average Common Shares - Diluted 447.9 442.7 417.3 Earnings per common share: Basic $ 1.59 $ 1.84 $ 1.35 Diluted $ 1.48 $ 1.70 $ 1.27 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | Holders of shares of our common stock are entitled to receive dividends when, as, and if declared by the Board out of funds legally available. The policy of the Board has been to declare cash dividends on a quarterly basis payable on or about the 20th day of February, May, August and November. We have certain debt covenants that could potentially limit the amount of dividends we could pay in order to maintain compliance with these covenants. Refer to Note 8, "Long-Term Debt," for more information. As of December 31, 2023, these covenants did not restrict the amount of dividends that were available to be paid. Dividends paid to preferred shareholders vary based on the series of preferred stock owned. Holders of our shares of common stock are subject to the prior dividend rights of holders of our preferred stock or the depositary shares representing such preferred stock outstanding, and if full dividends have not been declared and paid on all outstanding shares of preferred stock in any dividend period, no dividend may be declared or paid or set aside for payment on our common stock. Common and preferred stock activity for 2023, 2022 and 2021 is described further below. ATM Program. On February 22, 2021, we entered into six separate equity distribution agreements pursuant to which we were able to sell up to an aggregate of $750.0 million of our common stock. On December 31, 2023 the ATM program and the associated equity distribution agreements expired. The following table summarizes our activity under the ATM program. Year Ending December 31, 2023 2022 Number of shares issued — 5,941,598 Average price per share $ — $ 25.25 Proceeds, net of fees ( in millions) $ — $ 141.9 Preferred Stock. The following table summarizes preferred stock by outstanding series of shares: Year ended December 31, December 31, December 31, 2023 2022 2021 2023 2022 (in millions except shares and per share amounts) Liquidation Preference Per Share Shares Dividends Declared Per Share (2) Outstanding 5.650% Series A $ 1,000.00 — $ 28.25 $ 56.50 $ 56.50 $ — $ 393.9 6.500% Series B 25,000.00 20,000 1,625.00 1,625.00 1,625.00 486.1 486.1 Series C (1) $ 1,000.00 — — — — $ — $ 666.5 (1) The Series C Mandatory Convertible Preferred Stock did not bear any dividends. We recorded the initial present value of the purchase contract payments as a liability with a corresponding reduction to preferred stock. (2) Dividends declared per share for the twelve months ended December 31, 2023 reflects the dividend declared on the Series A Preferred Stock on March 14, 2023. The dividend was paid on June 15, 2023. Series A Preferred Stock. On June 11, 2018, we completed the sale of 400,000 shares of 5.650% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock") at a price of $1,000 per share. The transaction resulted in $400.0 million of gross proceeds or $393.9 million of net proceeds, after deducting commissions and sale expenses. Dividends on the Series A Preferred Stock accrued and were cumulative from the date the shares of Series A Preferred Stock were originally issued to, but not including, June 15, 2023 at a rate of 5.650% per annum of the $1,000 liquidation preference per share. As of December 31, 2022, Series A Preferred Stock had $1.0 million of cumulative preferred dividends in arrears, or $2.51 per share. On June 15, 2023, we redeemed all 400,000 outstanding shares of Series A Preferred Stock for a redemption price of $1,000 per share or $400.0 million in total. Following the redemption, dividends ceased to accrue on such shares of Series A Preferred Stock, and the shares of Series A Preferred Stock are no longer deemed outstanding and all rights of the holders of the shares of Series A Preferred Stock were terminated. In conjunction with the redemption, we recorded a 9.8 million preferred stock redemption premium, calculated as the difference between the carrying value on the redemption date of the Series A Preferred Stock and the total amount of consideration paid to redeem, which was recorded as a reduction to retained earnings during 2023. The preferred stock redemption premium included the recognition of an excise tax liability under the IRA of $3.6 million. This liability is net of the fair value of common shares issued during 2023. In June 2023, we filed a certificate of elimination to our Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware to eliminate from the Amended and Restated Certificate of Incorporation all matters set forth in the Certificate of Designations with respect to the Series A Preferred Stock. As a result, the 400,000 shares that were previously designated as Series A Preferred Stock were returned to the status of authorized but unissued shares of preferred stock, par value $0.01 per share, without designation as to series. The certificate of elimination does not change the total number of authorized shares of capital stock of NiSource or the total number of authorized shares of preferred stock. Series B Preferred Stock. On December 5, 2018, we completed the sale of 20,000,000 depositary shares with an aggregate liquidation preference of $500,000,000 under the Company’s registration statement on Form S-3. Each depositary share represents 1/1,000th ownership interest in a share of our 6.500% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, liquidation preference $25,000 per share (equivalent to $25 per depositary share) (the “Series B Preferred Stock"). The transaction resulted in $500.0 million of gross proceeds or $486.1 million of net proceeds, after deducting commissions and sale expenses. Dividends on the Series B Preferred Stock accrue and are cumulative from the date the shares of Series B Preferred Stock were originally issued to, but not including, March 15, 2024 at a rate of 6.500% per annum of the $25,000 liquidation preference per share. On and after March 15, 2024, dividends on the Series B Preferred Stock will accumulate for each five year period at a percentage of the $25,000 liquidation preference equal to the five-year U.S. Treasury Rate plus (i) in respect of each five year period commencing on or after March 15, 2024 but before March 15, 2044, a spread of 3.632% (the “Initial Margin”), and (ii) in respect of each five year period commencing on or after March 15, 2044, the Initial Margin plus 1.000%. The Series B Preferred Stock may be redeemed by us at our option on March 15, 2024, or on each date falling on the fifth anniversary thereafter, or in connection with a ratings event (as defined in the Certificate of Designation of the Series B Preferred Stock). As of December 31, 2023 and 2022, Series B Preferred Stock had $1.4 million of cumulative preferred dividends in arrears, or $72.23 per share. In addition, 20,000 shares of Series B–1 Preferred Stock, par value $0.01 per share, were outstanding as of December 31, 2023. Holders of Series B–1 Preferred Stock are not entitled to receive dividend payments and have no conversion rights. The Series B–1 Preferred Stock is paired with the Series B Preferred Stock and may not be transferred, redeemed or repurchased except in connection with the simultaneous transfer, redemption or repurchase of the underlying Series B Preferred Stock. Holders of Series B Preferred Stock generally have no voting rights, except for limited voting rights with respect to (i) potential amendments to our certificate of incorporation that would have a material adverse effect on the existing preferences, rights, powers or duties of the Series B Preferred Stock, (ii) the creation or issuance of any security ranking on a parity with the Series B Preferred Stock if the cumulative dividends payable on then outstanding Series B Preferred Stock are in arrears, or (iii) the creation or issuance of any security ranking senior to the Series B Preferred Stock. In addition, if and whenever dividends on any shares of Series B Preferred Stock shall not have been declared and paid for at least six dividend periods, whether or not consecutive, the number of directors then constituting our Board of Directors shall automatically be increased by two until all accumulated and unpaid dividends on the Series B Preferred Stock shall have been paid in full, and the holders of Series B-1 Preferred Stock, voting as a class together with the holders of any outstanding securities ranking on a parity with the Series B-1 Preferred Stock and having like voting rights that are exercisable at the time and entitled to vote thereon, shall be entitled to elect the two additional directors. The Series B Preferred Stock does not have a stated maturity and is not subject to mandatory redemption or any sinking fund. The Series B Preferred Stock will remain outstanding indefinitely unless repurchased or redeemed by us. Any such redemption would be effected only out of funds legally available for such purposes and will be subject to compliance with the provisions of our outstanding indebtedness. On February 9, 2024, we announced that we will redeem all outstanding shares of our Series B Preferred Stock and Series B-1 Preferred Stock and the corresponding depositary shares representing interests in the outstanding shares of the Series B Preferred and Series B-1 Preferred Stock on March 15, 2024 for a redemption price of $25.00 per depositary share. On and after the redemption date, dividends on the redeemed Series B Preferred Stock and the corresponding depositary shares will cease to accumulate. Equity Units. On April 19, 2021, we completed the sale of 8.625 million Equity Units, initially consisting of Corporate Units, each with a stated amount of $100. The offering generated net proceeds of $835.5 million, after underwriting and issuance expenses. Each Corporate Unit consisted of a forward contract to purchase shares of our common stock in the future and a 1/10th, or 10%, undivided beneficial ownership interest in one share of Series C Mandatory Convertible Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share. The Series C Mandatory Convertible Preferred Stock was pledged upon issuance as collateral to secure the purchase of common stock under the related purchase contracts. The Series C Mandatory Convertible Preferred Stock did not bear any dividends and the liquidation preference did not accrete. Selected information about the Equity Units is presented below: (in millions except contract rate) Issuance Date Units Issued Total Net Proceeds (1) Purchase Contract Annual Rate Purchase Contract Liability Equity Units April 19, 2021 8.625 $ 835.5 7.75 % $ 168.8 (1) Issuance costs of $27.0 million were recorded on a relative fair value basis as a reduction to preferred stock of $22.5 million and a reduction to the purchase contract liability of $4.5 million. Pursuant to the Purchase Contract and Pledge Agreement, we were required to attempt a remarketing of the Series C Mandatory Convertible Preferred Stock prior to December 1, 2023. On November 17, 2023, we announced the unsuccessful final remarketing of our Series C Mandatory Convertible Preferred Stock. On December 1, 2023, we issued 33,898,837 shares of our common stock under the purchase contract component of the Corporate Units based upon the per-share daily volume weighted average of our common stock over a consecutive 40-day trading period ending on November 29, 2023. As of December 1, 2023, each holder of Corporate Units was deemed to have automatically delivered to us the related Series C Mandatory Convertible Preferred Stock that were components of the Corporate Units in full satisfaction of such holder’s obligations under the related purchase contract, and all shares of Series C Mandatory Convertible Preferred Stock were returned to the status of authorized but unissued preferred stock, par value of $0.01 per share, without designation as to series. We voluntarily delisted the Corporate Units from the New York Stock Exchange. We paid quarterly contract adjustment payments at the rate of 7.75% per year on the stated amount of $100 per Equity Unit. As of December 31, 2023 and December 31, 2022 the purchase contract liability was zero and $65.0 million, respectively. Purchase contract payments were recorded against this liability. Accretion of the purchase contract liability was recorded as interest expense. Cash payments of $66.8 million were made during the years ended December 31, 2023 and 2022. We accounted for the Corporate Units as a single unit of account and recorded the initial present value of the purchase contract payments as a liability with a corresponding reduction to preferred stock. As of December 31, 2023, the balance of the Series C Mandatory Convertible Preferred Stock was $0.0 million and during the fourth quarter of 2023 we recorded the settlement of the forward purchase contract as an increase to common stock and additional paid-in capital. Refer to Note 5, "Earnings Per Share," for additional information regarding our treatment of the Equity Units for diluted EPS. Noncontrolling Interest in Consolidated Subsidiaries. As of December 31, 2023 and 2022, NIPSCO and tax equity partners have completed their cash contributions into Indiana Crossroads Wind, Rosewater, Indiana Crossroads Solar and Dunns Bridge I JVs. Earnings, tax attributes and cash flows are allocated to both NIPSCO and the respective tax equity partners in varying percentages by category and over the life of the partnership. The tax equity partner's contributions, net of these allocations, is represented as a noncontrolling interest within total equity on the Consolidated Balance Sheets. Refer to Note 4, "Noncontrolling Interest," for more information. On December 31, 2023, we consummated the closing of the NIPSCO Minority Interest Transaction and issued a 19.9% equity interest in NIPSCO Holdings II LLC to BIP in exchange for a capital contribution of $2.16 billion in cash. Transaction costs and deferred tax impacts of $54.7 million and $63.5 million were recorded during the period ending December 31, 2023. Refer to Note 15, "Income Taxes," and Note 19, "Other Commitments and Contingencies - E. Other Matters," in the Notes to the Consolidated Financial Statements for more information on this transaction. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Short-Term Debt [Abstract] | |
Short-Term Borrowings | We generate short-term borrowings from our revolving credit facility, commercial paper program, accounts receivable transfer programs, and term credit agreements. Each of these borrowing sources is described further below. Revolving Credit Facility. We maintain a revolving credit facility to fund ongoing working capital requirements, including the provision of liquidity support for our commercial paper program, provide for issuance of letters of credit, and also for general corporate purposes. Our revolving credit facility has a program limit of $1.85 billion and is comprised of a syndicate of banks. At December 31, 2023 and 2022, we had no outstanding borrowings under this facility. Commercial Paper Program. At December 31, 2023, our commercial paper program had a program limit of up to $1.5 billion. On February 9, 2024, we increased the program limit to $1.85 billion. We had $1,061.0 million and $415.0 million of commercial paper outstanding with weighted-average interest rates of 5.65% and 4.60% as of December 31, 2023 and 2022, respectively. Accounts Receivable Transfer Programs. Columbia of Ohio, NIPSCO, and Columbia of Pennsylvania each maintain a receivables agreement whereby they transfer their customer accounts receivables to third party financial institutions through consolidated special purpose entities. The three agreements expire between May 2024 and October 2024 and may be further extended if mutually agreed to by the parties thereto. All receivables transferred to third parties are valued at face value, which approximates fair value due to their short-term nature. The amount of the undivided percentage ownership interest in the accounts receivables transferred is determined in part by required loss reserves under the agreements. Transfers of accounts receivable are accounted for as secured borrowings resulting in the recognition of short-term borrowings on the Consolidated Balance Sheets. As of December 31, 2023, the maximum amount of debt that could be recognized related to our accounts receivable programs is $383.9 million. We had $337.6 million and $347.2 million short-term borrowings related to the securitization transactions as of December 31, 2023 and 2022, respectively. For the year ended December 31, 2023, $9.6 million was recorded as cash flows used for financing activities related to the change in short-term borrowings due to securitization transactions. For the year ended December 31, 2022, $347.2 million was recorded as cash flows from financing activities related to the change in short-term borrowings due to securitization transactions. For the accounts receivable transfer programs, we pay used facility fees for amounts borrowed, unused commitment fees for amounts not borrowed, and upfront renewal fees. Fees associated with the securitization transactions were $2.7 million, $2.5 million, and $1.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Columbia of Ohio, NIPSCO and Columbia of Pennsylvania remain responsible for collecting on the receivables securitized, and the receivables cannot be transferred to another party. Refer to Note 23, "Interest Expense, Net," for additional information on securitization transaction fees. Term Credit Agreements. On December 20, 2022, we entered into a $1.0 billion term credit agreement with a syndicate of banks. On October 5, 2023, we entered into an amendment with the syndicate of banks to, among other things, extend the maturity date of the agreement from December 19, 2023 to March 15, 2024. With the amendment, we triggered extinguishment accounting and recorded an immaterial loss on extinguishment of debt in the fourth quarter of 2023. Interest charged on the borrowings depended on the variable rate structure elected at the time of each borrowing. The available variable rate structures from which we could choose were defined in the agreement. Under the agreement, we borrowed $1.0 billion on December 20, 2022 with an interest rate of SOFR plus 105 basis points. We had $1.0 billion outstanding under this agreement with interest rates of 6.41% and 5.37% as of December 31, 2023 and 2022, respectively. On November 9, 2023, we entered into a $250.0 million term credit agreement with a bank. The agreement had a maturity date of November 7, 2024 and interest charged on the borrowings depended on the variable rate structure elected at the time of each borrowing. The available variable rate structures from which we could choose were defined in the agreement. On December 6, 2023, we entered into an augmenting lender supplement to the agreement with a syndicate of banks for an additional $400.0 million. Under the agreement, we borrowed $250.0 million on November 9, 2023 and $400.0 million on December 6, 2023 with an interest rate of SOFR plus 115 basis points. We had $650.0 million outstanding under this agreement with an interest rate of 6.50% as of December 31, 2023. On January 3, 2024, we terminated and repaid in full our $1.0 billion term credit agreement and our $650.0 million term credit agreement. Items listed above, excluding the term credit agreements, are presented net in the Statements of Consolidated Cash Flows as their maturities are less than 90 days. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt, Current and Noncurrent [Abstract] | |
Long-Term Debt | Our long-term debt as of December 31, 2023 and 2022 is as follows: Long-term debt type Maturity as of December 31, 2023 Weighted average interest rate (%) Outstanding balance as of December 31, (in millions) 2023 2022 Senior notes: NiSource August 2025 0.95 % $ 1,250.0 $ 1,250.0 NiSource May 2027 3.49 % 1,000.0 1,000.0 NiSource December 2027 6.78 % 3.0 3.0 NiSource March 2028 5.25 % 1,050.0 — NiSource September 2029 2.95 % 750.0 750.0 NiSource May 2030 3.60 % 1,000.0 1,000.0 NiSource February 2031 1.70 % 750.0 750.0 NiSource June 2033 5.40 % 450.0 — NiSource December 2040 6.25 % 152.6 152.6 NiSource June 2041 5.95 % 347.4 347.4 NiSource February 2042 5.80 % 250.0 250.0 NiSource February 2043 5.25 % 500.0 500.0 NiSource February 2044 4.80 % 750.0 750.0 NiSource February 2045 5.65 % 500.0 500.0 NiSource May 2047 4.38 % 1,000.0 1,000.0 NiSource March 2048 3.95 % 750.0 750.0 NiSource June 2052 5.00 % 350.0 350.0 Total senior notes $ 10,853.0 $ 9,353.0 Medium term notes: NiSource May 2027 7.99 % $ 29.0 $ 29.0 NIPSCO June 2027 to August 2027 7.64 % 58.0 58.0 Columbia of Massachusetts December 2025 to February 2028 6.37 % 15.0 15.0 Total medium term notes $ 102.0 $ 102.0 Finance leases: NiSource Corporate Services February 2024 to September 2027 2.89 % $ 30.5 $ 48.6 NIPSCO December 2027 to November 2035 4.77 % 61.2 16.5 Columbia of Ohio December 2025 to March 2044 6.16 % 90.3 83.5 Columbia of Virginia July 2029 to November 2039 6.23 % 16.1 17.0 Columbia of Kentucky May 2027 3.79 % 0.2 0.2 Columbia of Pennsylvania July 2027 to May 2035 4.49 % 7.1 8.9 Total finance leases $ 205.4 $ 174.7 Unamortized issuance costs and discounts $ (81.1) $ (76.1) Total Long-Term Debt $ 11,079.3 $ 9,553.6 Details of our 2023 long-term debt related activity are summarized below: • On March 24, 2023, we completed the issuance sale of $750.0 million of 5.25% senior unsecured notes maturing in 2028, which resulted in approximately $742.2 million of net proceeds after discount and debt issuance costs. • On June 8, 2023, we completed the issuance and sale of $300.0 million of 5.25% senior unsecured notes maturing in 2028 (the "2028 Notes"). The terms of the 2028 Notes, other than the issue date and the price to the public, are identical to the terms of, and constitute as a reopening of, our 5.25% senior unsecured notes due 2028 issued on March 24, 2023. With the incremental issuance, we now have $1.05 billion of 5.25% senior unsecured notes maturing in 2028. On June 8, 2023, we also completed the issuance and sale of $450.0 million of 5.40% senior unsecured notes maturing in 2033. These issuances resulted in approximately $742.5 million of total net proceeds after discount and debt issuance costs. Details of our 2022 long-term debt related activity are summarized below: • On April, 2022, we repaid $20.0 million of 7.99% medium term notes at maturity. • On June 10, 2022, we completed the issuance and sale of $350.0 million of 5.00% senior unsecured notes maturing in 2052, which resulted in approximately $344.6 million of net proceeds after discount and debt issuance costs. • On August 30, 2022, NIPSCO repaid $10.0 million of 7.40% medium term notes at maturity. See Note 19, "Other Commitments and Contingencies - A. Contractual Obligations," for the outstanding long-term debt maturities at December 31, 2023. Unamortized debt expense, premium and discount on long-term debt applicable to outstanding bonds are being amortized over the life of such bonds. We are subject to a financial covenant under our revolving credit facility which requires us to maintain a debt to capitalization ratio that does not exceed 70%. As of December 31, 2023, the ratio was 58.2%. We are also subject to certain other non-financial covenants under the revolving credit facility. Such covenants include a limitation on the creation or existence of new liens on our assets, generally exempting liens on utility assets, purchase money security interests, preexisting security interests and an additional subset of assets equal to $200 million. An asset sale covenant generally restricts the sale, conveyance, lease, transfer or other disposition of our assets to those dispositions that are for a price not materially less than fair market of such assets, that would not materially impair our ability to perform obligations under the revolving credit facility, and that together with all other such dispositions, would not have a material adverse effect. The covenant also restricts dispositions to no more than 15% of our consolidated total assets on December 31, 2022. Additionally, the revolving credit facility requires us to own directly or indirectly at least 70% of NIPSCO. The revolving credit facility also includes a cross-default provision, which triggers an event of default under the credit facility in the event of an uncured payment default relating to any indebtedness of us or any of our subsidiaries in a principal amount of $75.0 million or more. Our indentures generally do not contain any financial maintenance covenants. However, our indentures are generally subject to cross-default provisions ranging from uncured payment defaults of $5 million to $50 million, and limitations on the incurrence of liens on our assets, generally exempting liens on utility assets, purchase money security interests, preexisting security interests and an additional subset of assets capped at 10% of our consolidated net tangible assets. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | Our property, plant and equipment on the Consolidated Balance Sheets are classified as follows: At December 31, (in millions) 2023 2022 Property, Plant and Equipment Gas Distribution Utility $ 18,154.5 $ 16,576.4 Electric Utility 7,907.9 7,162.4 Corporate 274.2 271.7 Construction Work in Process 1,261.1 1,398.2 Renewable Generation Assets (1) 1,434.4 702.2 Non-Utility and Other 1,450.0 1,440.4 Total Property, Plant and Equipment $ 30,482.1 $ 27,551.3 Accumulated Depreciation and Amortization Gas Distribution Utility $ (3,924.4) $ (3,678.1) Electric Utility (2,709.5) (2,557.4) Corporate (174.2) (160.0) Renewable Generation Assets (1) (64.5) (29.7) Non-Utility and Other (1,334.6) (1,283.5) Total Accumulated Depreciation and Amortization $ (8,207.2) $ (7,708.7) Net Property, Plant and Equipment $ 22,274.9 $ 19,842.6 (1) Our renewable generation assets are part of our electric segment and represent Non-Utility Property, owned and operated by JVs between NIPSCO and unrelated tax equity partners, and depreciated straight-line over 30 years. Refer to Note 4, "Noncontrolling Interest," for additional information. The weighted average depreciation provisions for utility plant, as a percentage of the original cost, for the periods ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 Electric Operations 3.5 % 3.1 % 3.4 % Gas Distribution Operations 2.4 % 2.3 % 2.2 % We recognized depreciation expense of $756.9 million, $685.0 million and $672.1 million for the years ended 2023, 2022 and 2021, respectively. The 2023, 2022 and 2021, depreciation expense includes $12.5 million, $11.0 million, and $5.3 million related to the regulatory deferral of income associated with our JVs, which is not included in current rates. See Note 1, "Nature of Operations and Summary of Significant Accounting Policies - S. Noncontrolling Interest," for additional details. Amortization of on-premise Software Costs. We amortized $77.5 million, $53.1 million and $49.4 million in 2023, 2022 and 2021, respectively, related to software recorded as intangible assets. Our unamortized software balance was $205.6 million and $190.1 million at December 31, 2023 and 2022, respectively. Amortization of Cloud Computing Costs. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Substantially all of our goodwill relates to the excess of cost over the fair value of the net assets acquired in the Columbia acquisition on November 1, 2000. Our goodwill balance was $1,485.9 million as of December 31, 2023 and 2022. All of our goodwill has been allocated to the Gas Distribution Operations segment. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligations | We have recognized asset retirement obligations associated with various legal obligations including costs to remove and dispose of certain construction materials located within many of our facilities (including our JV facilities), certain costs to retire pipeline, removal costs for certain underground storage tanks, removal of certain pipelines known to contain PCB contamination, closure costs for certain sites including ash ponds, solid waste management units and a landfill, as well as some other nominal asset retirement obligations. We also have an obligation associated with the decommissioning of our two hydro facilities located in Indiana. These hydro facilities have an indeterminate life, and as such, no asset retirement obligation has been recorded. Changes in our liability for asset retirement obligations for the years 2023 and 2022 are presented in the table below: (in millions) 2023 2022 Beginning Balance $ 513.5 $ 512.4 Accretion recorded as a regulatory asset/liability 20.0 17.1 Additions 23.5 9.5 Settlements (41.6) (22.3) Change in estimated cash flows 37.6 (3.2) Ending Balance $ 553.0 $ 513.5 Certain non-legal costs of removal that have been, and continue to be, included in depreciation rates and collected in the customer rates of the rate-regulated subsidiaries are classified as "Regulatory liabilities" on the Consolidated Balance Sheets. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Matters | Regulatory Assets and Liabilities We follow the accounting and reporting requirements of ASC Topic 980, which provides that regulated entities account for and report assets and liabilities consistent with the economic effect of regulatory rate-making procedures when the rates established are designed to recover the costs of providing the regulated service and it is probable that such rates will be charged and collected from customers. Certain expenses and credits subject to utility regulation or rate determination normally reflected in income or expense are deferred on the balance sheet and are recognized in the income statement as the related amounts are included in customer rates and recovered from or refunded to customers. We assess the probability of collection for all of our regulatory assets each period. Regulatory assets were comprised of the following items: At December 31, (in millions) 2023 2022 Regulatory Assets Unrecognized pension and other postretirement benefit costs (see Note 16) $ 561.6 $ 607.5 Deferred pension and other postretirement benefit costs (see Note 16) 59.7 72.2 Environmental costs (see Note 19-D.) 40.6 41.4 Regulatory effects of accounting for income taxes (see Note 1-N. and Note 15) 163.5 158.0 Under-recovered gas and fuel costs (see Note 1-J.) 12.7 85.5 Depreciation 201.9 191.3 Post-in-service carrying charges 269.9 251.5 Safety activity costs 206.6 200.7 DSM programs 25.0 37.5 Retired coal generating stations 682.0 744.0 Losses on commodity price risk programs (See Note 13) 24.4 10.0 Deferred property taxes 72.3 68.5 Renewable energy investments (See Note 1-S. and Note 4) 60.8 37.7 Other 79.2 75.0 Total Regulatory Assets $ 2,460.2 $ 2,580.8 Less: Current Portion 214.3 233.2 Total Noncurrent Regulatory Assets $ 2,245.9 $ 2,347.6 Regulatory liabilities were comprised of the following items: At December 31, (in millions) 2023 2022 Regulatory Liabilities Over-recovered gas and fuel costs (see Note 1-J.) $ 144.5 $ 20.6 Cost of removal (see Note 11) 597.2 675.9 Regulatory effects of accounting for income taxes (see Note 1-N. and Note 15) 849.9 996.3 Deferred pension and other postretirement benefit costs (see Note 16) 54.0 66.8 Gains on commodity price risk programs (See Note 13) 23.3 90.0 Customer Assistance Programs 19.8 32.9 Off-Systems sales sharing 19.0 12.3 HLBV Adjustments under ASC 980 18.1 5.4 Rate Refunds 16.1 51.4 Other 47.4 61.0 Total Regulatory Liabilities $ 1,789.3 $ 2,012.6 Less: Current Portion 278.6 236.8 Total Noncurrent Regulatory Liabilities $ 1,510.7 $ 1,775.8 Regulatory assets, including under-recovered gas and fuel costs and depreciation, of approximately $716.4 million and $1,324.7 million as of December 31, 2023 and 2022, respectively, are not earning a return on investment. These costs are recovered over a remaining life, the longest of which is 69 years. Assets: Unrecognized pension and other postretirement benefit costs. Represents the deferred other comprehensive income or loss of the actuarial gains or losses and the prior service costs or credits that arise during the period but that are not immediately recognized as components of net periodic benefit costs by certain subsidiaries that will ultimately be recovered through base rates. Deferred pension and other postretirement benefit costs. Primarily relates to the difference between defined benefit plan expense recorded by certain subsidiaries due to regulatory orders and the corresponding expense that would otherwise be recorded in accordance with GAAP. The majority of these amounts are driven by Columbia of Ohio. On January 26, 2023, the PUCO approved the joint stipulation in Columbia of Ohio's rate case in which, Columbia agreed to forego the continuation of its pension and OPEB deferral prospectively as of March 31, 2021. Environmental costs. Includes certain recoverable costs related to gas plant sites, disposal sites or other sites onto which material may have migrated, the recovery of which is to be addressed in future base rates, billing riders or tracking mechanisms of certain of our subsidiaries. Regulatory effects of accounting for income taxes. Represents the deferral and under collection of deferred taxes in the rate making process. Under-recovered gas and fuel costs. Represents the difference between the costs of gas and fuel, as well as energy acquired through power purchase agreements, including NIPSCO's own renewable projects, and the recovery of such costs in revenue and is used to adjust future billings for such deferrals on a basis consistent with applicable state-approved tariff provisions. Recovery of these costs is achieved through tracking mechanisms. Depreciation. Represents differences between depreciation expense incurred on a GAAP basis and that prescribed through regulatory order. The majority of this balance is driven by Columbia of Ohio's IRP and CEP deferrals. Post-in-service carrying charges. Represents deferred debt-based carrying charges incurred on certain assets placed into service but not yet included in customer rates. The majority of this balance is driven by Columbia of Ohio's IRP and CEP deferrals. Safety activity costs. Represents the difference between costs incurred by certain of our subsidiaries in eligible safety programs in compliance with PHMSA regulations in excess of those being recovered in rates. The majority of this balance is driven by Columbia of Ohio, which began recovery in March 2023 through base rates. DSM programs. Represents costs associated with Gas Distribution Operations and Electric Operations energy efficiency and conservation programs. Costs are recovered through tracking mechanisms. Retired coal generating stations. Represents the net book value of Units 7 and 8 of Bailly Generating Station that was retired during 2018 and the net book value of Units 14 and 15 of R.M. Schahfer Generating Station retired in 2021. These amounts are currently being amortized at a rate consistent with their inclusion in customer rates. The December 2023 NIPSCO electric rate case order allows for the recovery of, and on, the net book value of the stations by the end of 2034 and implements a revenue credit for the retired units. The credit is based on the difference between the net book value of Units 14 and 15 upon retirement and the last base rate case proceeding. The credit will be reset when new base rates are determined. See Note 9, "Property, Plant and Equipment," for further details. Losses on commodity price risk programs . Represents the unrealized losses related to certain of our subsidiary's commodity price risk programs. These programs help to protect against the volatility of commodity prices and these amounts are collected from customers through their inclusion in customer rates. Deferred property taxes . Represents the deferral and under collection of property taxes in the rate making process for Columbia of Ohio and is driven by the IRP and CEP deferrals. Renewable energy investments. Represents the regulatory deferral of certain amounts representing the timing difference between the profit earned from the JVs and the amount included in regulated rates to recover our approved investments in consolidated JVs. These amounts will be collected through base rates over the life of the renewable generating assets to which they relate. The offset to the regulatory liability or asset associated with our renewable investments is recorded in "Depreciation expense" on the Statements of Consolidated Comprehensive Income. Renewable energy formation and developer costs are also included in this regulatory asset. Refer to Note 1, "Nature of Operations and Summary of Significant Accounting Policies - S. Noncontrolling Interest," Note 4, "Noncontrolling Interest," and Note 9, "Property, Plant and Equipment," for additional information. Liabilities: Over-recovered gas and fuel costs. Represents the difference between the cost of gas and fuel, as well as energy acquired through power purchase agreements, including NIPSCO's own renewable projects and, the recovery of such costs in revenues and is the basis to adjust future billings for such refunds on a basis consistent with applicable state-approved tariff provisions. Refunding of these revenues is achieved through tracking mechanisms. Cost of removal. Represents anticipated costs of removal for utility assets that have been collected through depreciation rates for future costs to be incurred. Regulatory effects of accounting for income taxes. Represents amounts owed to customers for deferred taxes collected at a higher rate than the current statutory rates and liabilities associated with accelerated tax deductions owed to customers. Balance includes excess deferred taxes recorded upon implementation of the TCJA in December 2017, net of amounts amortized through 2023. For discussion of the regulatory impact of the NIPSCO Minority Interest Transaction on deferred taxes, see Note 15, "Income Taxes," for additional details. Deferred pension and other postretirement benefit costs. Primarily represents cash contributions in excess of postretirement benefit expense that is deferred by certain subsidiaries. Gains on commodity price risk programs . Represents the unrealized gains related to certain of our subsidiary's commodity price risk programs. These programs help to protect against the volatility of commodity prices, and these amounts are passed back to customers through their inclusion in customer rates. Customer Assistance Programs . Represents the difference between the eligible customer assistance program costs and collections, which will be refunded to customers. Rate Refunds . Represents supplier refunds received by the company that are owed to customers and will be remitted. Off System Sales Sharing . Represents amounts to be passed back to the customers as a result of Off System sales that is shared between the company and the customer. NIPSCO regulatory update As part of the NIPSCO Gas Settlement and Stipulation Agreement filed on March 2, 2022, NIPSCO Gas agreed to change the depreciation methodology for its calculation of depreciation rates, which reduces depreciation expense and subsequent revenues and cash flows. An order was received on July 27, 2022 approving the settlement and rates were effective as of September 1, 2022. As part of the NIPSCO Electric base rate case and the Stipulation and Settlement Agreement filed on March 10, 2023, NIPSCO Electric agreed to change the depreciation methodology for its calculation of depreciation rates, which will reduce depreciation expense and subsequent revenues and cash flows. An order was received on August 2, 2023 approving the settlement, and rates were effective as of August 4, 2023. On October 11, 2023, the IURC issued an order clarifying how the rate increase should have been implemented, holding that the new rates should have only applied to electric usage on or after August 4, 2023, and not for electric usage prior to that date for bills yet to be rendered. NIPSCO was ordered to make a filing reflecting the calculation of the refund to customers by November 10, 2023 . The refund was passed back to customers through bills in November and December 2023. Columbia of Ohio regulatory filing update On February 28, 2023, Columbia of Ohio filed an application with the PUCO requesting authority to establish a new rider, the PHMSA Infrastructure Replacement Program (“PHMSA IRP”) Rider. The Rider was proposed to recover the capital and O&M costs associated with compliance of the PHMSA Mega Rule. On July 7, 2023, the PUCO Staff filed a Staff Report recommending approval of the PHMSA IRP Rider, with several modifications. A Joint Stipulation and Recommendation was filed on September 8, 2023, recommending approval of the PHMSA IRP Rider, as modified by the Staff Report and as further modified by the terms of the Joint Stipulation and Recommendation. The PUCO approved the PHMSA IRP Rider by Opinion and Order dated November 1, 2023. Columbia of Ohio filed its notice of intent to utilize the PHMSA IRP Rider to seek cost recovery for its 2023 investments in Q4 2023. FAC Adjustment As ordered by the IURC on June 15, 2022, NIPSCO was required to refund to customers $8.0 million of over-collected fuel costs. The refund was recorded as a regulatory liability on the Consolidated Balance Sheets and was fully refunded in 2023, which eliminated the liability. |
Risk Management Activities
Risk Management Activities | 12 Months Ended |
Dec. 31, 2023 | |
Risk Management Activities [Abstract] | |
Risk Management Activities | We are exposed to certain risks related to our ongoing business operations; namely commodity price risk and interest rate risk. We recognize that the prudent and selective use of derivatives may help to limit volatility in the price of natural gas, and manage interest rate exposure. Risk management assets and liabilities on our derivatives are presented on the Consolidated Balance Sheets as shown below: December 31, 2023 December 31, 2022 (in millions) Assets Liabilities Assets Liabilities Current (1) Derivatives not designated as hedging instruments $ 1.1 $ 7.5 $ 18.8 $ 1.1 Total $ 1.1 $ 7.5 $ 18.8 $ 1.1 Noncurrent (2) Derivatives not designated as hedging instruments $ 22.2 $ 1.9 $ 66.0 $ 1.9 Total $ 22.2 $ 1.9 $ 66.0 $ 1.9 (1) Current assets and liabilities are presented in "Prepayments and other" and "Other accruals", respectively, on the Consolidated Balance Sheets. (2) Noncurrent assets and liabilities are presented in "Deferred charges and other" and "Other noncurrent liabilities and deferred credits", respectively, on the Consolidated Balance Sheets. Our derivative instruments are subject to enforceable master netting arrangements or similar agreements. No collateral was either received or posted related to our outstanding derivative positions at December 31, 2023. If the above gross asset and liability positions were presented net of amounts owed or receivable from counterparties, we would report a net asset position of $13.9 million and $81.8 million at December 31, 2023 and 2022, respectively. Derivatives Not Designated as Hedging Instruments C ommodity price risk management. We, along with our utility customers, are exposed to variability in cash flows associated with natural gas purchases and volatility in natural gas prices. We purchase natural gas for sale and delivery to our retail, commercial and industrial customers, and for most customers the variability in the market price of gas is passed through in their rates. Some of our utility subsidiaries offer programs whereby variability in the market price of gas is assumed by the respective utility. The objective of our commodity price risk programs is to mitigate the gas cost variability, for us or on behalf of our customers, associated with natural gas purchases or sales by economically hedging the various gas cost components using a combination of futures, options, forwards or other derivative contracts. As of December 31, 2023 and 2022, we had 76.1 MMDth and 99.0 MMDth, respectively, of net energy derivative volumes outstanding related to our natural gas hedges. NIPSCO has received IURC approval to lock in a fixed price for its natural gas customers using long-term forward purchase instruments and is limited to 20% of NIPSCO’s average annual GCA purchase volume. As of December 31, 2023, the remaining terms of these instruments range from one Derivatives Designated as Hedging Instruments Interest rate risk management. As of December 31, 2023 and 2022, we had no forward-starting interest rate swaps outstanding. The overall net gain related to our multiple settled interest rate swaps is recorded to AOCI. We amortize the net gain over the life of the debt associated with these swaps as we recognize interest expense. These amounts are immaterial in 2023, 2022 and 2021 and are recorded in "Interest expense, net" on the Statements of Consolidated Income. Cash flows for derivative financial instruments are generally classified as operating activities. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | A. Fair Value Measurements Recurring Fair Value Measurements The following tables present financial assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2023 and December 31, 2022: Recurring Fair Value Measurements December 31, 2023 ( in millions ) Quoted Prices Significant Other Significant Balance as of December 31, 2023 Assets Risk management assets $ — $ 23.3 $ — $ 23.3 Available-for-sale debt securities — 159.1 — 159.1 Total $ — $ 182.4 $ — $ 182.4 Liabilities Risk management liabilities $ — $ 9.4 $ — $ 9.4 Total $ — $ 9.4 $ — $ 9.4 Recurring Fair Value Measurements December 31, 2022 ( in millions ) Quoted Prices Significant Other Significant Balance as of December 31, 2022 Assets Risk management assets $ — $ 84.8 $ — $ 84.8 Available-for-sale debt securities — 151.6 — 151.6 Total $ — $ 236.4 $ — $ 236.4 Liabilities Risk management liabilities $ — $ 3.0 $ — $ 3.0 Total $ — $ 3.0 $ — $ 3.0 Risk Management Assets and Liabilities. Risk management assets and liabilities include interest rate swaps, exchange-traded NYMEX futures and NYMEX options and non-exchange-based forward purchase contracts. Level 1- When utilized, exchange-traded derivative contracts are based on unadjusted quoted prices in active markets and are classified within Level 1. These financial assets and liabilities are secured with cash on deposit with the exchange; therefore, nonperformance risk has not been incorporated into these valuations. These financial assets and liabilities are deemed to be cleared and settled daily by NYMEX as the related cash collateral is posted with the exchange. As a result of this exchange rule, NYMEX derivatives are considered to have no fair value at the balance sheet date for financial reporting purposes, and are presented in Level 1 net of posted cash; however, the derivatives remain outstanding and are subject to future commodity price fluctuations until they are settled in accordance with their contractual terms. Level 2- Certain non-exchange-traded derivatives are valued using broker or over-the-counter, on-line exchanges. In such cases, these non-exchange-traded derivatives are classified within Level 2. Non-exchange-based derivative instruments include swaps, forwards, and options. In certain instances, these instruments may utilize models to measure fair value. We use a similar model to value similar instruments. Valuation models utilize various inputs that include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, other observable inputs for the asset or liability and market-corroborated inputs, (i.e., inputs derived principally from or corroborated by observable market data by correlation or other means). Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized within Level 2. Level 3- Certain derivatives trade in less active markets with a lower availability of pricing information and models may be utilized in the valuation. When such inputs have a significant impact on the measurement of fair value, the instrument is categorized within Level 3. Credit risk is considered in the fair value calculation of derivative instruments that are not exchange-traded. Credit exposures are adjusted to reflect collateral agreements that reduce exposures. As of December 31, 2023 and 2022, there were no material transfers between fair value hierarchies. Additionally, there were no changes in the method or significant assumptions used to estimate the fair value of our financial instruments. NIPSCO and Columbia of Pennsylvania have entered into long-term forward natural gas purchase instruments to lock in a fixed price for their natural gas customers. We value these contracts using a pricing model that incorporates market-based information when available, as these instruments trade less frequently and are classified within Level 2 of the fair value hierarchy. For additional information, see Note 13, “Risk Management Activities.” Available-for-Sale Debt Securities. Available-for-sale debt securities are investments pledged as collateral for trust accounts related to our wholly-owned insurance company. We value U.S. Treasury, corporate debt and mortgage-backed securities using a matrix pricing model that incorporates market-based information. These securities trade less frequently and are classified within Level 2. Our available-for-sale debt securities impairments are recognized periodically using an allowance approach. At each reporting date, we utilize a quantitative and qualitative review process to assess the impairment of available-for-sale debt securities at the individual security level. For securities in a loss position, we evaluate our intent to sell or whether it is more-likely-than-not that we will be required to sell the security prior to the recovery of its amortized cost. If either criteria is met, the loss is recognized in earnings immediately, with the offsetting entry to the carrying value of the security. If both criteria are not met, we perform an analysis to determine whether the unrealized loss is related to credit factors. The analysis focuses on a variety of factors that include, but are not limited to, downgrade on ratings of the security, defaults in the current reporting period or projected defaults in the future, the security's yield spread over treasuries, and other relevant market data. If the unrealized loss is not related to credit factors, it is included in other comprehensive income. If the unrealized loss is related to credit factors, the loss is recognized as credit loss expense in earnings during the period, with an offsetting entry to the allowance for credit losses. The amount of the credit loss recorded to the allowance account is limited by the amount at which the security's fair value is less than its amortized cost basis. If certain amounts recorded in the allowance for credit losses are deemed uncollectible, the allowance on the uncollectible portion will be charged off, with an offsetting entry to the carrying value of the security. Subsequent improvements to the estimated credit losses of available-for-sale debt securities will be recognized immediately in earnings. As of December 31, 2023 and December 31, 2022, we recorded $0.6 million and $0.9 million, respectively, as an allowance for credit losses on available-for-sale debt securities as a result of the analysis described above. Continuous credit monitoring and portfolio credit balancing mitigates our risk of credit losses on our available-for-sale debt securities. The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of available-for-sale securities at December 31, 2023 and 2022 were: December 31, 2023 (in millions) Amortized Gross Gross Unrealized Losses (1) Allowance for Credit Losses Fair Value Available-for-sale debt securities U.S. Treasury debt securities $ 63.8 $ — $ (3.2) $ — $ 60.6 Corporate/Other debt securities 105.2 0.8 (6.9) (0.6) 98.5 Total $ 169.0 $ 0.8 $ (10.1) $ (0.6) $ 159.1 December 31, 2022 (in millions) Amortized Gross Gross Unrealized Losses (2) Allowance for Credit Losses Fair Value Available-for-sale debt securities U.S. Treasury debt securities $ 67.7 $ — $ (4.5) $ — $ 63.2 Corporate/Other debt securities 99.0 — (9.7) (0.9) 88.4 Total $ 166.7 $ — $ (14.2) $ (0.9) $ 151.6 (1) Fair value of U.S. Treasury debt securities and Corporate/Other debt securities in an unrealized loss position without an allowance for credit losses is $58.7 and $74.8 million, respectively, at December 31, 2023. (2) Fair value of U.S. Treasury debt securities and Corporate/Other debt securities in an unrealized loss position without an allowance for credit losses is $61.0 million and $85.5 million, respectively, at December 31, 2022. Realized gains and losses on available-for-sale securities was $1.0 million for the year ended December 31, 2023 and immaterial for 2022. The cost of maturities sold is based upon specific identification. At December 31, 2023, approximately $16.8 million of U.S. Treasury debt securities and approximately $4.9 million of Corporate/Other debt securities have maturities of less than a year. There are no material items in the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2023 and 2022. Non-recurring Fair Value Measurements We measure the fair value of certain assets, including goodwill, on a non-recurring basis, typically when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Purchase Contract Liability. The purchase contract liability underlying the Equity units was valued at its April 19, 2021 value and categorized as a Level 2 instrument at December 31, 2022. The purchase contract liability was fully settled as of December 31, 2023. Refer to Note 6, "Equity," for additional information. B. Other Fair Value Disclosures for Financial Instruments . The carrying amount of cash and cash equivalents, restricted cash, notes receivable, customer deposits and short-term borrowings is a reasonable estimate of fair value due to their liquid or short-term nature. Our long-term borrowings are recorded at historical amounts. The following method and assumptions were used to estimate the fair value of each class of financial instruments. Long-term debt . The fair value of outstanding long-term debt is estimated based on the quoted market prices for the same or similar securities. Certain premium costs associated with the early settlement of long-term debt are not taken into consideration in determining fair value. These fair value measurements are classified within Level 2 of the fair value hierarchy. For the years ended December 31, 2023 and 2022, there was no change in the method or significant assumptions used to estimate the fair value of long-term debt. The carrying amount and estimated fair values of these financial instruments were as follows: At December 31, (in millions) Carrying Amount 2023 Estimated Fair Value 2023 Carrying Amount 2022 Estimated Fair Value 2022 Long-term debt (including current portion) $ 11,079.3 $ 10,370.9 $ 9,553.6 $ 8,479.4 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Judgment and the use of estimates are required in developing the provision for income taxes and reporting of tax-related assets and liabilities. The interpretation of tax laws and associated regulations involves uncertainty as taxing authorities may interpret the laws differently. NIPSCO’s historical business activities through the closing of the NIPSCO Minority Interest Transaction were included in the consolidated U.S. federal and certain state income tax returns of NiSource Inc. Historically, NIPSCO has been treated as a taxable division of its corporate parent, NiSource Inc., and then as a division of NIPSCO Holdings I effective April 13, 2023. In connection with the NIPSCO Minority Interest Transaction, NIPSCO Holdings I retained NIPSCO’s income tax balances and 80.1% of the excess deferred income tax regulatory balances as described below. NIPSCO Holdings I’s income tax balances are based on the difference between the financial statement amount and the tax basis of its investment in NIPSCO Holdings II. Income Tax Expense. The components of income tax expense (benefit) were as follows: Year Ended December 31, (in millions) 2023 2022 2021 Income Taxes Current Federal $ — $ 0.4 $ (0.1) State 5.3 7.3 6.0 Total Current 5.3 7.7 5.9 Deferred Federal Taxes before operating loss carryforwards and investment credits 49.7 87.9 35.7 Tax utilization expense of operating loss carryforwards 65.1 93.1 63.5 Investment tax credits (2.1) — — State 22.5 (23.0) 13.8 Total Deferred 135.2 158.0 113.0 Deferred Investment Credits (1.0) (1.1) (1.1) Income Taxes $ 139.5 $ 164.6 $ 117.8 In connection with the NIPSCO Minority Interest Transaction, NiSource recognized a $63.5 million income tax benefit in additional paid in capital related to 19.9% of NIPSCO’s excess deferred income taxes attributable to Blackstone’s noncontrolling interest. This benefit does not impact NIPSCO’s regulatory books or the excess deferred taxes that will benefit customers through lower future rates in accordance with applicable regulatory orders. See Note 4, "Noncontrolling Interest," for further discussion of the NIPSCO Minority Interest Transaction. Statutory Rate Reconciliation. The following table represents a reconciliation of income tax expense at the statutory federal income tax rate to the actual income tax expense from continuing operations: Year Ended December 31, (in millions) 2023 2022 2021 Book income before income taxes $ 813.9 $ 956.4 $ 706.6 Tax expense at statutory federal income tax rate 170.8 21.0 % 200.8 21.0 % 148.3 21.0 % Increases (reductions) in taxes resulting from: State income taxes, net of federal income tax benefit 13.7 1.7 4.5 0.5 14.1 2.0 Amortization of regulatory liabilities (38.2) (4.7) (38.5) (4.0) (39.1) (5.5) Fines and penalties — — 0.3 — — — Employee stock ownership plan dividends and other compensation (1.3) (0.2) (1.2) (0.1) (1.2) (0.2) Tax accrual adjustments — — 0.2 — (0.1) — Federal tax credits (4.9) (0.6) (2.3) (0.2) (2.1) (0.3) Other adjustments (0.6) (0.1) 0.8 — (2.1) (0.3) Income Taxes $ 139.5 17.1 % $ 164.6 17.2 % $ 117.8 16.7 % The difference in tax expense of $25.1 million in 2023 versus 2022 was primarily due to lower pre-tax income. The increase in tax expense of $46.8 million in 2022 versus 2021 was primarily due to increased pre-tax income, offset by the flow-through of the reduction of the Pennsylvania corporate income tax rate and the state jurisdictional mix tax effected at statutory rates. Net Deferred Income Tax Liability Components. Deferred income taxes result from temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The principal components of our net deferred tax liabilities were as follows: At December 31, (in millions) 2023 2022 Deferred tax liabilities Accelerated depreciation and other property differences $ 1,384.8 $ 2,473.6 Partnership basis differences 1,241.9 54.3 Other regulatory assets 212.1 348.4 Total Deferred Tax Liabilities 2,838.8 2,876.3 Deferred tax assets Other regulatory liabilities and deferred investment tax credits (including TCJA) 182.2 294.3 Pension and other postretirement/postemployment benefits 58.6 124.7 Loss and credit carryforwards 422.9 491.0 Environmental liabilities 10.1 20.7 Other accrued liabilities 40.3 55.9 Other, net 50.7 43.0 Total Deferred Tax Assets 764.8 1,029.6 Valuation Allowance (6.4) (7.8) Net Deferred Tax Assets 758.4 1,021.8 Net Deferred Tax Liabilities $ 2,080.4 $ 1,854.5 In connection with closing the NIPSCO Minority Interest Transaction, NIPSCO’s deferred taxes were removed from its GAAP books and were reconstituted as deferred taxes on the outside basis difference of NiSource’s investment in NIPSCO Holdings II. These deferred taxes are reflected as partnership basis differences above. NiSource has the following deductible loss and credit carryforwards: At December 31, 2023 (in millions) Deductible Amount Deferred Tax Asset Valuation Allowance Expiration Period Federal losses $ 1,642.4 $ 344.9 $ — 2037 Federal investment tax credits — 2.1 — 2043 Federal production tax credits — 0.8 — 2040-2043 Federal other credit — 15.7 — 2029-2043 State losses, net of federal benefit 2,371.7 95.1 (6.4) 2031-2037 Total $ 458.6 $ (6.4) We believe it is not more likely than not that a portion of the benefit from certain state net operating loss carryforwards will be realized. We have recorded a valuation allowance of $6.4 million (net of federal benefit) on the deferred tax assets related to sale of Massachusetts Business assets reflected in the state net operating loss carryforward presented above. Unrecognized Tax Benefits. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: At December 31, 2023, (in millions) 2023 2022 2021 Opening Balance $ 21.7 $ 21.7 $ 21.7 Gross decreases - tax positions in prior period — — — Gross increases - current period tax positions — — — Ending Balance $ 21.7 $ 21.7 $ 21.7 Offset for net operating loss carryforwards (21.7) (21.7) (21.7) Balance, Less Net Operating Loss Carryforwards $ — $ — $ — We are subject to income taxation in the United States and various state jurisdictions, primarily Indiana, Pennsylvania, Kentucky, Massachusetts, Maryland and Virginia. We participate in the IRS CAP, which provides the opportunity to resolve tax matters with the IRS before filing each year's consolidated federal income tax return. As of December 31, 2023, tax years through 2021 have been audited and are closed to further assessment. The Company has transitioned to the Bridge Phase of the IRS CAP for the year ended December 31, 2022 and participated in the Bridge Plus pilot program. Although NiSource has not received a final acceptance letter from the IRS for its 2022 return, no adjustments are expected, and the year is effectively closed to further assessment. The statute of limitations in each of the state jurisdictions in which we operate remains open between 3-4 years from the date the state income tax returns are filed. As of December 31, 2023, there were no state income tax audits in progress that would have a material impact on the consolidated financial statements. NiSource is obligated to report adjustments resulting from IRS audits or settlements to state taxing authorities. In addition, if NiSource utilizes net operating losses or tax credits generated in years for which the statute of limitations has expired, such amounts are generally subject to examination. On April 14, 2023, the IRS issued Revenue Procedure 2023-15 which provides a safe harbor method of accounting that taxpayers may use to determine whether expenses to repair, maintain, replace, or improve linear property and non-linear natural gas transmission and distribution property must be capitalized as improvements or are allowable as deductions. The Company is planning to elect this change in tax accounting method with its 2023 consolidated tax return filing in the upcoming year and continues to analyze and quantify the provisions of the safe harbor method of accounting. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Pension and Other Postretirement Benefits | We provide defined contribution plans and noncontributory defined benefit retirement plans that cover certain of our employees. Benefits under the defined benefit retirement plans reflect the employees’ compensation, years of service and age at retirement. Additionally, we provide health care and life insurance benefits for certain retired employees. The majority of employees may become eligible for these benefits if they reach retirement age while working for us. The expected cost of such benefits is accrued during the employees’ years of service. Current rates of rate-regulated companies include postretirement benefit costs, including amortization of the regulatory assets that arose prior to inclusion of these costs in rates. For most plans, cash contributions are remitted to grantor trusts. Our Pension and Other Postretirement Benefit Plans’ Asset Management . The Board has delegated oversight of the pension and other postretirement benefit plans’ assets to the NiSource Benefits Committee (“the Committee”). The Committee has adopted investment policy statements for the pension and other postretirement benefit plans’ assets. For the pension plans, we employ a liability-driven investing strategy. A total return approach is utilized for the other postretirement benefit plans’ assets. A mix of diversified investments are used to maximize the long-term return of plan assets and hedge the liabilities at a prudent level of risk. The investment portfolio includes U.S. and non-U.S. equities, real estate, long-term and intermediate-term fixed income and alternative investments. Risk tolerance is established through careful consideration of plan liabilities, funded status, and asset class volatility. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements, and periodic asset/liability studies. In determining the expected long-term rate of return on plan assets, historical markets are studied, relationships between equities and fixed income are analyzed and current market factors, such as inflation and interest rates are evaluated with consideration of diversification and rebalancing. Our expected long-term rate of return on assets is based on assumptions regarding target asset allocations and corresponding long-term capital market assumptions for each asset class. The pension plans’ investment policy calls for a gradual reduction in the allocation of return-seeking assets (equities, real estate and private equity) and a corresponding increase in the allocation of liability-hedging assets (fixed income) as the funded status of the plans’ increase. As of December 31, 2023 and December 31, 2022, the acceptable minimum and maximum ranges established by the policy for the pension and other postretirement benefit plans are as follows: December 31, 2023 Defined Benefit Pension Plan Postretirement Benefit Plan Asset Category Minimum Maximum Minimum Maximum Domestic Equities 10% 30% 0% 55% International Equities 5% 15% 0% 25% Fixed Income 65% 75% 20% 100% Real Estate 0% 0% 0% 0% Private Equity 0% 3% 0% 0% Short-Term Investments 0% 10% 0% 10% December 31, 2022 Defined Benefit Pension Plan Postretirement Benefit Plan Asset Category Minimum Maximum Minimum Maximum Domestic Equities 7% 27% 0% 55% International Equities 3% 13% 0% 25% Fixed Income 69% 81% 20% 100% Real Estate 0% 3% 0% 0% Private Equity 0% 3% 0% 0% Short-Term Investments 0% 10% 0% 10% The actual Pension Plan and Postretirement Plan Asset Mix at December 31, 2023 and December 31, 2022 are as follows: Defined Benefit Pension Assets (1) December 31, Postretirement December 31, Asset Class (in millions) Asset Value % of Total Assets Asset Value % of Total Assets Domestic Equities $ 261.7 18.3 % $ 93.7 39.6 % International Equities 141.9 9.9 % 40.7 17.2 % Fixed Income 939.9 65.9 % 97.0 41.0 % Real Estate 4.0 0.3 % — — Cash/Other 79.3 5.6 % 5.1 2.2 % Total $ 1,426.8 100.0 % $ 236.5 100.0 % Defined Benefit Pension Assets (1) December 31, Postretirement Benefit Plan Assets December 31, Asset Class (in millions) Asset Value % of Total Assets Asset Value % of Total Assets Domestic Equities $ 231.1 16.2 % $ 86.9 38.6 % International Equities 119.0 8.4 % 36.6 16.3 % Fixed Income 1,004.3 70.6 % 94.7 42.1 % Real Estate 5.0 0.3 % — — Cash/Other 63.4 4.5 % 6.7 3.0 % Total $ 1,422.8 100.0 % $ 224.9 100.0 % (1) Total includes accrued dividends and pending trades with brokers. The categorization of investments into the asset classes in the tables above are based on definitions established by the Committee. Fair Value Measurements. The following table sets forth, by level within the fair value hierarchy, the pension and other postretirement benefits investment assets at fair value as of December 31, 2023 and 2022. Assets are classified in their entirety based on the observability of inputs used in determining the fair value measurement. There were no investment assets in the pension and other postretirement benefits trusts classified within Level 3 for the years ended December 31, 2023 and 2022. We use the following valuation techniques to determine fair value. For the year ended December 31, 2023, there were no significant changes to valuation techniques to determine the fair value of our pension and other postretirement benefits' assets. Level 1 Measurements Most common and preferred stocks are traded in active markets on national and international securities exchanges and are valued at closing prices on the last business day of each period presented. Cash is stated at cost, which approximates fair value, with the exception of cash held in foreign currencies which fluctuates with changes in the exchange rates. Short-term bills and notes are priced based on quoted market values. Level 2 Measurements Most U.S. Government Agency obligations, mortgage/asset-backed securities, and corporate fixed income securities are generally valued by benchmarking model-derived prices to quoted market prices and trade data for identical or comparable securities. To the extent that quoted prices are not available, fair value is determined based on a valuation model that includes inputs such as interest rate yield curves and credit spreads. Securities traded in markets that are not considered active are valued based on quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Other fixed income includes futures and options which are priced on bid valuation or settlement pricing. Level 3 Measurements Investments with unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities are classified as level 3 investments. Not Classified Commingled funds, private equity limited partnerships and real estate partnerships are not classified within the fair value hierarchy. Instead, these assets are measured at estimated fair value using the net asset value per share of the investments. Commingled funds' underlying assets are principally marketable equity and fixed income securities. Units held in commingled funds are valued at the unit value as reported by the investment managers. Private equity funds invest capital in non-public companies and real estate funds invest in commercial and distressed real estate directly or through related debt instruments. The fair value of these investments is determined by reference to the funds’ underlying assets. Fair Value Measurements at December 31, 2023: (in millions) December 31, Quoted Prices in Active Markets for Significant Other Significant Pension plan assets: Cash $ 2.2 $ 2.0 $ 0.2 $ — Equity securities International equities 1.1 1.1 — — Fixed income securities Government 213.1 — 213.1 — Corporate 482.2 — 482.2 — Mortgages/ Asset Backed Securities 2.4 — 2.4 — Mutual Funds U.S. multi-strategy 113.1 113.1 — — International equities 38.5 38.5 — — Private equity limited partnerships (1) U.S. multi-strategy (2) 4.8 — — — International multi-strategy (3) 1.2 — — — Distressed opportunities 0.1 — — — Real estate (1) 4.0 — — — Commingled funds (1) Short-term money markets 65.3 — — — U.S. equities 148.5 — — — International equities 102.3 — — — Fixed income 242.2 — — — Pension plan assets subtotal $ 1,421.0 $ 154.7 $ 697.9 $ — Other postretirement benefit plan assets: Mutual funds U.S. multi-strategy 82.4 82.4 — — International equities 18.0 18.0 — — Fixed income 97.0 97.0 — — Commingled funds (1) Short-term money markets 5.2 — — — U.S. equities 11.4 — — — International equities 22.8 — — — Other postretirement benefit plan assets subtotal $ 236.8 $ 197.4 $ — $ — Due to brokers, net (4) (2.7) — (2.7) — Accrued income/dividends 8.5 8.5 — Total pension and other postretirement benefit plan assets $ 1,663.6 $ 360.6 $ 695.2 $ — (1)) This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy. (2) This class includes limited partnerships that invest in a diverse portfolio of private equity strategies, including buy-outs, growth capital, special situations and secondary markets, primarily inside the United States. (3) This class includes limited partnerships that invest a in diverse portfolio of private equity strategies, including buy-outs, growth capital, special situations and secondary markets, primarily outside the United States. (4) This class represents pending trades with brokers. The table below sets forth a summary of unfunded commitments, redemption frequency and redemption notice periods for certain investments that are measured at fair value using the net asset value per share for the year ended December 31, 2023: (in millions) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Commingled Funds Short-term money markets $ 70.5 $ — Daily 1 day U.S. equities 159.9 — Daily 1 day - 5 days International equities 125.1 — Monthly 10 days-30 days Fixed income 242.2 — Daily 3 days Private Equity and Real Estate Limited Partnerships (1) 10.1 11.6 N/A N/A Total $ 607.8 $ 11.6 (1) Private equity and real estate limited partnerships typically call capital over a 3-5 year period and pay out distributions as the underlying investments are liquidated. The typical expected life of these limited partnerships is 0-15 years, and these investments typically cannot be redeemed prior to liquidation. Fair Value Measurements at December 31, 2022: (in millions) December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Pension plan assets: Cash $ 2.5 $ 2.0 $ 0.5 $ — Equity securities International equities 0.5 0.5 — — Fixed income securities Government 316.3 — 316.3 — Corporate 407.8 — 407.8 — Mortgages/Asset backed securities 2.3 — 2.3 — Other fixed income 1.9 1.9 — — Mutual Funds U.S. multi-strategy 97.4 97.4 — — International equities 29.0 29.0 — — Fixed income 0.2 0.2 — — Private equity limited partnerships (1) U.S. multi-strategy (2) 6.3 — — — International multi-strategy (3) 2.3 — — — Distressed opportunities 0.1 — — — Real estate (1) 5.0 — — — Commingled funds (1) Short-term money markets 46.2 — — — U.S. equities 133.7 — — — International equities 89.6 — — — Fixed income 275.9 — — — Pension plan assets subtotal $ 1,417.0 $ 131.0 $ 726.9 $ — Other postretirement benefit plan assets: Mutual funds U.S. multi-strategy 76.2 76.2 — — International equities 16.3 16.3 — — Fixed income 94.7 94.7 — — Commingled funds (1) Short-term money markets 17.4 — — — U.S. equities 10.7 — — — International equities 20.3 — — — Other postretirement benefit plan assets subtotal $ 235.6 $ 187.2 $ — $ — Due to brokers, net (4) (2.0) — (2.0) — Receivables/payables (10.7) — (10.7) — Accrued income/dividends 7.8 7.8 — — Total pension and other postretirement benefit plan assets $ 1,647.7 $ 326.0 $ 714.2 $ — (1) This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy. (2) This class includes limited partnerships/fund of funds that invest in a diverse portfolio of private equity strategies, including buy-outs, growth capital, special situations and secondary markets, primarily inside the United States. (3) This class includes limited partnerships/fund of funds that invest in diverse portfolio of private equity strategies, including buy-outs, growth capital, special situations and secondary markets, primarily outside the United States. (4) This class represents pending trades with brokers. The table below sets forth a summary of unfunded commitments, redemption frequency and redemption notice periods for certain investments that are measured at fair value using the net asset value per share for the year ended December 31, 2022: (in millions) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Commingled Funds Short-term money markets $ 63.6 $ — Daily 1 day U.S. equities 144.4 — Daily 1 day -5 days International equities 109.9 — Monthly 10 days - 30 days Fixed income 275.9 — Daily 3 days Private Equity and Real Estate Limited Partnerships (1) 13.7 11.6 N/A N/A Total $ 607.5 $ 11.6 (1) Private equity and real estate limited partnerships typically call capital over a 3-5 year period and pay out distributions as the underlying investments are liquidated. The typical expected life of these limited partnerships is 0-15 years, and these investments typically cannot be redeemed prior to liquidation. Our Pension and Other Postretirement Benefit Plans’ Funded Status and Related Disclosure . The following table provides a reconciliation of the plans’ funded status and amounts reflected in our Consolidated Balance Sheets at December 31 based on a December 31 measurement date: Pension Benefits Other Postretirement Benefits (in millions) 2023 2022 2023 2022 Change in projected benefit obligation (1) Benefit obligation at beginning of year $ 1,427.4 $ 1,852.4 $ 449.0 $ 556.2 Service cost 20.5 27.8 5.1 6.5 Interest cost 68.4 40.5 21.8 12.0 Plan participants’ contributions — — 4.2 4.1 Plan amendments — 0.2 3.4 2.1 Actuarial loss (gain) (2) 27.4 (318.7) 29.1 (89.9) Benefits paid (141.9) (174.8) (44.3) (42.3) Estimated benefits paid by incurred subsidy — — 0.5 0.3 Projected benefit obligation at end of year $ 1,401.8 $ 1,427.4 $ 468.8 $ 449.0 Change in plan assets Fair value of plan assets at beginning of year $ 1,422.8 $ 1,981.7 $ 224.9 $ 293.7 Actual return on plan assets 142.8 (386.8) 28.2 (51.9) Employer contributions 3.1 2.7 23.4 21.3 Plan participants’ contributions — — 4.3 4.1 Benefits paid (141.9) (174.8) (44.3) (42.3) Fair value of plan assets at end of year $ 1,426.8 $ 1,422.8 $ 236.5 $ 224.9 Funded Status at end of year $ 25.0 $ (4.6) $ (232.3) $ (224.1) Amounts recognized in the statement of financial position consist of: Noncurrent assets 44.1 18.3 — — Current liabilities (2.2) (2.6) (1.0) (1.0) Noncurrent liabilities (16.9) (20.3) (231.3) (223.1) Net amount recognized at end of year (3) $ 25.0 $ (4.6) $ (232.3) $ (224.1) Amounts recognized in accumulated other comprehensive income or regulatory asset/liability (4) Unrecognized prior service credit $ 0.3 $ 0.4 $ 2.1 $ (3.4) Unrecognized actuarial loss 500.4 564.2 76.6 64.0 Net amount recognized at end of year $ 500.7 $ 564.6 $ 78.7 $ 60.6 (1) The change in benefit obligation for Pension Benefits represents the change in Projected Benefit Obligation while the change in benefit obligation for Other Postretirement Benefits represents the change in accumulated postretirement benefit obligation. (2) The pension actuarial loss (gain) was primarily driven by the decrease in discount rates, interest rate movements. The postretirement benefit actuarial loss (gain) was also primarily driven by a decrease in discount rates and claims experience changes in trend rates. (3) We recognize our Consolidated Balance Sheets underfunded and overfunded status of our various defined benefit postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation. (4) We determined that for certain rate-regulated subsidiaries the future recovery of pension and other postretirement benefits costs is probable. These rate-regulated subsidiaries recorded regulatory assets and liabilities of $561.6 million and zero, respectively, as of December 31, 2023, and $607.5 million and zero, respectively, as of December 31, 2022 that would otherwise have been recorded to accumulated other comprehensive loss. Our accumulated benefit obligation for our pension plans was $1,390.9 million and $1,416.8 million as of December 31, 2023 and 2022, respectively. The accumulated benefit obligation at each date is the actuarial present value of benefits attributed by the pension benefit formula to employee service rendered prior to that date and based on current and past compensation levels. The accumulated benefit obligation differs from the projected benefit obligation disclosed in the table above in that it includes no assumptions about future compensation levels. We are required to reflect the funded status of our pension and postretirement benefit plans on the Consolidated Balance Sheet. The funded status of the plans is measured as the difference between the plan assets' fair value and the projected benefit obligation. We present the noncurrent aggregate of all underfunded plans within "Accrued liability for postretirement and postemployment benefits." The portion of the amount by which the actuarial present value of benefits included in the projected benefit obligation exceeds the fair value of plan assets, payable in the next 12 months, is reflected in "Accrued compensation and other benefits." We present the aggregate of all overfunded plans within "Deferred charges and other." As of December 31, 2023 and 2022, only our nonqualified plans were underfunded. These plans have no assets as they are not funded until benefits are paid. The following table sets forth the year end accumulated benefit obligation and projected benefit obligation for pension plans with a projected benefit obligation in excess of plan assets: December 31, 2023 2022 Accumulated Benefit Obligation $ 19.1 $ 22.9 Funded Status Fair Value of Plan Assets $ — $ — Projected Benefit Obligation 19.1 22.9 Funded Status of Underfunded Pension Plans at End of Year $ (19.1) $ (22.9) The following table sets forth the year end accumulated benefit obligation, projected benefit obligation and fair value of plan assets for pension plans with plan assets in excess of the projected benefit obligation: December 31, 2023 2022 Accumulated Benefit Obligation $ 1,371.8 $ 1,393.8 Funded Status Fair Value of Plan Assets $ 1,426.8 $ 1,422.8 Projected Benefit Obligation 1,382.7 1,404.5 Funded Status of Overfunded Pension Plans at End of Year $ 44.1 $ 18.3 Our pension plans were overfunded, in aggregate, by $25.0 million at December 31, 2023 compared to being underfunded by $4.6 million at December 31, 2022. The improvement in the funded status was primarily due to favorable asset returns offset by a decrease in discount rates. We contributed $3.1 million and $2.7 million to our pension plans in 2023 and 2022, respectively. Our other postretirement benefit plans were underfunded, in aggregate by $232.3 million and $224.1 million at December 31, 2023 and 2022, respectively. The decline in funded status was primarily due to increased health care trend rates and discount rates, which was partially offset by actual return on plan assets exceeding expected return. We contributed $23.4 million and $21.3 million to our other postretirement benefit plans in 2023 and 2022, respectively. In 2023 and 2022, our NiSource Pension Restoration and Columbia Energy Group pension plans paid lump sum payouts in excess of the respective plan's service cost plus interest cost, thereby meeting the requirement for settlement accounting. We recorded settlement charges of $9.2 million and $12.4 million in 2023 and 2022, respectively. Net periodic pension benefit cost increased by $5.7 million in December 31, 2022 as the result of the remeasurement. In 2023, no remeasurement occurred related to lump sum payouts. The following table provides the key assumptions that were used to calculate the pension and other postretirement benefits obligations for our various plans as of December 31: Pension Benefits Other Postretirement Benefits 2023 2022 2023 2022 Weighted-average assumptions to Determine Benefit Obligation Discount Rate 4.95 % 5.14 % 4.98 % 5.17 % Rate of Compensation Increases 4.00 % 4.00 % N/A N/A Interest Crediting Rates 4.00 % 4.00 % N/A N/A Health Care Trend Rates Trend for Next Year N/A N/A 8.84 % 6.69 % Ultimate Trend N/A N/A 4.75 % 4.75 % Year Ultimate Trend Reached N/A N/A 2032 2032 We expect to make contributions of approximately $2.2 million to our pension plans and approximately $23.1 million to our postretirement medical and life plans in 2024. The following table provides benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter. The expected benefits are estimated based on the same assumptions used to measure our benefit obligation at the end of the year and include benefits attributable to the estimated future service of employees: (in millions) Pension Benefits Other Federal Year(s) 2024 $ 144.8 $ 38.1 $ 0.2 2025 141.8 38.1 0.2 2026 135.0 37.5 0.2 2027 129.4 37.4 0.2 2028 125.1 37.0 0.2 2028-2032 548.0 176.0 0.9 The following table provides the components of the plans’ actuarially determined net periodic benefits cost for each of the three years ended December 31, 2023, 2022 and 2021: Pension Benefits Other Postretirement (in millions) 2023 2022 2021 2023 2022 2021 Components of Net Periodic Benefit (Income) Cost (1) Service cost $ 20.5 $ 27.8 $ 30.2 $ 5.1 $ 6.5 $ 6.2 Interest cost 68.4 40.5 31.4 21.8 12.0 9.9 Expected return on assets (94.5) (90.8) (101.6) (15.1) (16.2) (15.3) Amortization of prior service cost (credit) 0.1 0.1 0.1 (2.1) (2.2) (2.2) Recognized actuarial loss 33.7 20.3 21.7 3.3 2.6 4.6 Settlement loss 9.2 12.4 11.4 — — — Total Net Periodic Benefits (Income) Cost $ 37.4 $ 10.3 $ (6.8) $ 13.0 $ 2.7 $ 3.2 (1) Service cost is presented in "Operation and maintenance" on the Statements of Consolidated Income. Non-service cost components are presented within "Other, net." The following table provides the key assumptions that were used to calculate the net periodic benefits cost for our various plans: Pension Benefits Other Postretirement 2023 2022 2021 2023 2022 2021 Weighted-average Assumptions to Determine Net Periodic Benefit Cost Discount rate - service cost 5.25 % 3.08 % 2.81 % 5.30 % 3.21 % 3.00 % Discount rate - interest cost 5.06 % 2.11 % 1.57 % 5.07 % 2.24 % 1.73 % Expected Long-Term Rate of Return on Plan Assets 7.00 % 4.80 % 5.20 % 6.96 % 5.72 % 5.50 % Rate of Compensation Increases 4.00 % 4.00 % 4.00 % N/A N/A N/A Interest Crediting Rates 4.00 % 4.00 % 4.00 % N/A N/A N/A We assumed a 7.00% and 6.96% rate of return on pension and other postretirement plan assets, respectively, for our calculation of 2023 pension benefits and other postretirement benefits costs. These rates were primarily based on asset mix and historical rates of return and were adjusted in 2023 due to changes in asset allocation and projected market returns. The following table provides other changes in plan assets and projected benefit obligations recognized in other comprehensive income or regulatory asset or liability: Pension Benefits Other Postretirement (in millions) 2023 2022 2023 2022 Other Changes in Plan Assets and Projected Benefit Obligations Net prior service cost $ — $ 0.2 $ 3.3 $ 2.1 Net actuarial (gain) loss (20.9) 158.9 16.0 (21.8) Settlements/curtailments (9.2) (12.4) — — Less: amortization of prior service cost (0.1) (0.1) 2.1 2.2 Less: amortization of net actuarial loss (33.7) (20.3) (3.3) (2.6) Total Recognized in Other Comprehensive Income or Regulatory $ (63.9) $ 126.3 $ 18.1 $ (20.1) Amount Recognized in Net Periodic Benefits Cost and Other $ (26.5) $ 136.6 $ 31.1 $ (17.4) |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Share-Based Compensation | Prior to May 19, 2020, we issued share-based compensation to employees and non-employee directors under the NiSource Inc. 2010 Omnibus Plan ("2010 Omnibus Plan"), which was most recently approved by stockholders at the Annual Meeting of Stockholders held on May 12, 2015. The 2010 Omnibus Plan provided for awards to employees and non-employee directors of incentive and nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, cash-based awards and other stock-based awards and superseded the Director Stock Incentive Plan (“Director Plan”) with respect to grants made after the effective date of the 2010 Omnibus Plan. The stockholders approved and adopted the NiSource Inc. 2020 Omnibus Incentive Plan ("2020 Omnibus Plan") at the Annual Meeting of Stockholders held on May 19, 2020. The 2020 Omnibus Plan provides for awards to employees and non-employee directors of incentive and nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, cash-based awards and other stock-based awards and supersedes the 2010 Omnibus Plan with respect to grants made after the effective date of the 2020 Omnibus Plan. The 2020 Omnibus Plan provides that the number of shares of common stock of NiSource available for awards is 10,000,000 plus the number of shares subject to outstanding awards that expire or terminate for any reason that were granted under the 2020 Omnibus Plan, the 2010 Omnibus Plan or any other equity plan under which awards were outstanding as of May 19, 2020. At December 31, 2023, there were 8,023,671 shares available for future awards under the 2020 Omnibus Plan. We recognized stock-based employee compensation expense of $23.9 million, $19.0 million and $16.7 million, during 2023, 2022 and 2021, respectively, as well as related tax benefits of $7.7 million, $3.6 million and $4.0 million, respectively. We recognized related excess tax benefit from the distribution of vested share-based employee compensation of $2.9 million in 2023 and $0.4 million respectively, in 2022 and 2021. As of December 31, 2023, the total remaining unrecognized compensation cost related to non-vested awards amounted to $20.8 million, which will be amortized over the weighted-average remaining requisite service period of 1.6 years. Restricted Stock Units and Restricted Stock . We granted 500,968, 477,292, and 285,755 restricted stock units and shares of restricted stock to employees, subject to service conditions in 2023, 2022, and 2021, respectively. The total grant date fair value of the restricted stock units and shares of restricted stock during 2023, 2022, and 2021, respectively, was $13.7 million, $12.5 million, and $5.7 million. The grant date fair value for the 2023 awards is based on the average market price of our common stock at the date of each grant. For the years ended 2022 and 2021, the grant date fair value is based on the average market price of our common stock at the date of each grant less the present value of any dividends not received during the vesting period. The awards are expensed over the vesting period which is generally three years. As of December 31, 2023, 464,725, 385,062, and 158,797 non-vested restricted stock units and shares of restricted stock granted in 2023, 2022, and 2021, respectively, were outstanding. Our non-vested restricted stock units have a non-forfeitable right to dividend equivalents, with immaterial amounts paid in the periods ending December 31, 2023 and 2022. See Note 5, "Earnings Per Share," for further discussion. If an employee terminates employment before the service conditions lapse under the 2021, 2022 or 2023 awards due to (1) retirement or disability (as defined in the award agreement), or (2) death, the service conditions will lapse on the date of such termination with respect to a pro rata portion of the restricted stock units and shares of restricted stock based upon the percentage of the service period satisfied between the grant date and the date of the termination of employment. In the event of a change in control (as defined in the award agreement), all unvested shares of restricted stock and restricted stock units awarded will immediately vest upon termination of employment occurring in connection with a change in control. Termination due to any other reason will result in all unvested shares of restricted stock and restricted stock units awarded being forfeited effective on the employee’s date of termination. A summary of our restricted stock unit award transactions for the year ended December 31, 2023 is as follows: (shares) Restricted Stock Weighted Average Non-vested at December 31, 2022 798,515 24.48 Granted 500,968 27.38 Forfeited (54,171) 25.32 Vested (178,396) 24.87 Non-vested at December 31, 2023 1,066,916 25.71 Employee Performance Shares . We granted 649,088 performance shares subject to service, performance and/or market-based vesting conditions in 2023. The performance conditions for these shares are based on the achievement of one non-GAAP financial measure, achievement of relative total shareholder return, and other operational metrics, which make up 50%, 25%, and 25% of the issued awards respectively. The financial measure is cumulative net operating earnings per share ("NOEPS"), which we define as income from continuing operations adjusted for certain items. Relative total shareholder return, a market-based vesting condition, which we define as the annualized growth in dividends and share price of a share of our common stock (calculated using a 20 trading day average of our closing price over the performance period, approximately) compared to the total shareholder return of a predetermined peer group of companies. A relative shareholder return result within the first quartile will result in an increase in the NOEPS shares of 25%, while a relative shareholder return result within the fourth quartile will result in a decrease of 25%. A Monte Carlo analysis was used to value the portion of these awards dependent on the market-based vesting condition. The grant date fair value of the NOEPS shares is based on the closing stock price of our common stock at the date of each grant, which will be expensed over the requisite service period of three years. The conditions for the remaining performance-based awards are based on operational goals of economic inclusion (5%), OPEX Index (10%), Employee Engagement Index Score (5%), and Environmental GHG Reduction (5%). The OPEX Index is further defined by goals related to risk mitigation and modernization of our infrastructure. See table below for further details on these awards. In 2022, we granted 566,086 performance shares subject to service, performance and/or market-based vesting conditions. The performance conditions for these shares are based on the achievement of one non-GAAP financial measure, and/or achievement of relative total shareholder return, outlined above. The number of shares that are eligible to vest based on these performance conditions are adjusted based on performance of the magnifier framework for 2022 awards, outlined above. The operational magnifier framework for 2022 performance shares consists of three areas of focus, including safety, environment, and DE&I, representing 20%, 10% and 10%, respectively. We granted 973,885 performance shares subject to service, performance and/or market-based vesting conditions in 2021. With respect to 390,041 performance shares granted, the performance conditions are based on the achievement of relative total shareholder return. The number of shares that are eligible to vest based on the Company's relative total shareholder return performance will be adjusted based on a performance magnifier related to safety. A Monte Carlo analysis was used to value the portion of these awards dependent on the market-based vesting condition. The grant date fair value of the NOEPS shares is based on the closing stock price of our common stock at the date of each grant, which will be expensed over the requisite service period of three years. See table below for further details on these awards. With respect to the remaining 582,944 performance shares granted in 2021, the performance conditions are based on the achievement of one non-GAAP financial measure, and/or achievement of relative total shareholder return. The number of shares that are eligible to vest based on these performance conditions will be adjusted based on performance of the magnifier framework for 2021 awards. The operational magnifier framework for 2021 performance shares consists of three areas of focus including safety, environment, and DE&I, representing 20%, 10% and 10%, respectively. The following table presents details of the performance awards described above. Award Year Service Conditions Lapse date Performance Period Award Conditions Shares outstanding at 12/31/2023 (shares) Grant Date Fair Value (in millions) 2023 2/28/2026 01/01/2023- 12/31/2025 Non-GAAP Financial and Operational Measures 488,515 $ 13.3 Relative Total Shareholder Return 162,815 $ 5.4 2022 2/28/2025 01/01/2022- 12/31/2024 Non-GAAP Financial Measure 235,120 $ 7.4 Relative Total Shareholder Return 235,120 $ 10.6 2021 2/28/2024 01/01/2021- 12/31/2023 Non-GAAP Financial Measure 186,427 $ 6.5 Relative Total Shareholder Return 186,427 $ 6.7 2/28/2024 01/01/2021- 12/31/2023 Relative Total Shareholder Return 87,268 $ 3.2 A summary of our performance award transactions for the year ended December 31, 2023 is as follows: (shares) Performance Weighted Average Non-vested at December 31, 2022 1,505,740 26.10 Granted 649,088 28.87 Forfeited (53,786) 28.29 Vested (542,533) 22.21 Non-vested at December 31, 2023 1,558,509 28.01 Non-employee Director Awards . As of May 19, 2020, awards to non-employee directors may be made only under the 2020 Omnibus Plan. Currently, restricted stock units are granted annually to non-employee directors, subject to a non-employee director’s election to defer receipt of such restricted stock unit award. The non-employee director’s annual award of restricted stock units vest on the first anniversary of the grant date subject to special pro-rata vesting rules in the event of retirement or disability (as defined in the award agreement), or death. The vested restricted stock units are payable as soon as practicable following vesting except as otherwise provided pursuant to the non-employee director’s deferral election. Certain restricted stock units remain outstanding from the 2010 Omnibus Plan and the Director Plan. All such awards are fully vested and shall be distributed to the directors upon their separation from the Board. As of December 31, 2023, 272,609 restricted stock units are outstanding to non-employee directors under either the 2020 Omnibus Plan, the 2010 Omnibus Plan or the Director Plan. Of this amount, 67,611 restricted stock units are unvested and expected to vest. 401(k) Match, Profit Sharing and Company Contribution. Eligible salaried employees hired after January 1, 2010 and hourly and union employees hired after January 1, 2013 receive a non-elective company contribution of 4.5% of eligible pay payable in cash or shares of NiSource common stock. We also have a voluntary 401(k) savings plan covering eligible union and nonunion employees that allows for periodic discretionary matches as a percentage of each participant’s contributions payable in cash or shares. Further, we have a retirement savings plan that provides for discretionary profit sharing contributions to eligible employees. For the years ended December 31, 2023, 2022 and 2021, we recognized 401(k) match, profit sharing and non-elective contribution expense of $50.7 million, $39.1 million and $39.1 million, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases | Lease Descriptions. We are the lessee for substantially all of our leasing activity, which includes operating and finance leases for corporate and field offices, railcars, land, and fleet vehicles. Our corporate and field office leases and certain land leases have remaining terms between 1 and 38 years with options to renew the leases for up to 35 years. We lease railcars to transport coal to and from our electric generation facilities in Indiana. Our railcars are specifically identified in the lease agreements which have remaining lease terms between 1 and 4 years with options to renew for 1 year. Our fleet vehicles include trucks, trailers and equipment that have been customized specifically for use in the utility industry. We lease fleet vehicles for 1 year terms, after which we have the option to extend on a month-to-month basis or terminate with written notice. We elected the short-term lease practical expedient, allowing us to not recognize ROU assets or lease liabilities for all leases with a term of 12 months or less. ROU assets and liabilities on our Consolidated Balance Sheets do not include obligations for possible fleet vehicle lease renewals beyond the initial lease term. While we have the ability to renew these leases beyond the initial term, we are not reasonably certain to do so. We have not provided material residual value guarantees for our leases, nor do our leases contain material restrictions or covenants. Lease contracts containing renewal and termination options are mostly exercisable at our sole discretion. Certain of our real estate and railcar leases include renewal periods in the measurement of the lease obligation if we have deemed the renewals reasonably certain to be exercised. With respect to service contracts involving the use of assets, if we have the right to direct the use of the asset and obtain substantially all economic benefits from the use of an asset, we account for the service contract as a lease. Unless specifically provided to us by the lessor, we utilize NiSource's collateralized incremental borrowing rate commensurate to the lease term as the discount rate for all of our leases. ASC 842 permits a lessee, by class of underlying asset, not to separate nonlease components from lease components. Our policy is to apply this expedient for our leases of fleet vehicles, IT assets and railcars when calculating their respective lease liabilities. Lease costs for the years ended December 31, 2023 and December 31, 2022 are presented in the table below. These costs include both amounts recognized in expense and amounts capitalized as part of the cost of another asset. Income statement presentation for these costs (when ultimately recognized on the income statement) is also included: Year Ended December 31, (in millions) Income Statement Classification 2023 2022 Finance lease cost Amortization of right-of-use assets Depreciation and amortization $ 32.0 $ 31.9 Interest on lease liabilities Interest expense, net 8.6 8.5 Total finance lease cost 40.6 40.4 Operating lease cost Operation and maintenance 11.3 10.4 Total lease cost $ 51.9 $ 50.8 Our right-of-use assets and liabilities are presented in the following lines on the Consolidated Balance Sheets: At December 31, (in millions) Balance Sheet Classification 2023 2022 Assets Finance leases Net Property, Plant and Equipment $ 184.3 $ 153.4 Operating leases Deferred charges and other 32.9 35.7 Total leased assets $ 217.2 189.1 Liabilities Current Finance leases Current portion of long-term debt $ 23.8 30.0 Operating leases Other accruals 8.3 4.8 Noncurrent Finance leases Long-term debt, excluding amounts due within one year 181.6 144.7 Operating leases Other noncurrent liabilities 25.8 31.9 Total lease liabilities $ 239.5 $ 211.4 Other pertinent information related to leases was as follows: Year Ended December 31, (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for finance leases $ 9.3 $ 8.6 Operating cash flows used for operating leases 11.1 10.3 Financing cash flows used for finance leases 33.1 30.3 Right-of-use assets obtained in exchange for lease obligations Finance leases 64.5 19.3 Operating leases $ 5.6 $ 8.8 December 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) Finance leases 16.4 9.9 Operating leases 6.7 7.7 Weighted-average discount rate Finance leases 5.5 % 5.1 % Operating leases 4.3 % 4.0 % Maturities of our lease liabilities as of December 31, 2023 were as follows: As of December 31, 2023, (in millions) Total Finance Leases Operating Leases 2024 $ 44.4 $ 34.8 $ 9.6 2025 36.6 30.7 5.9 2026 31.1 25.7 5.4 2027 25.2 20.6 4.6 2028 22.5 19.3 3.2 Thereafter 201.7 190.7 11.0 Total lease payments 361.5 321.8 39.7 Less: Imputed interest (122.0) (116.4) (5.6) Total $ 239.5 $ 205.4 $ 34.1 Reported as of December 31, 2023 Short-term lease liabilities 32.1 23.8 8.3 Long-term lease liabilities 207.4 181.6 25.8 Total lease liabilities $ 239.5 $ 205.4 $ 34.1 |
Lessee, Finance Leases | Lease Descriptions. We are the lessee for substantially all of our leasing activity, which includes operating and finance leases for corporate and field offices, railcars, land, and fleet vehicles. Our corporate and field office leases and certain land leases have remaining terms between 1 and 38 years with options to renew the leases for up to 35 years. We lease railcars to transport coal to and from our electric generation facilities in Indiana. Our railcars are specifically identified in the lease agreements which have remaining lease terms between 1 and 4 years with options to renew for 1 year. Our fleet vehicles include trucks, trailers and equipment that have been customized specifically for use in the utility industry. We lease fleet vehicles for 1 year terms, after which we have the option to extend on a month-to-month basis or terminate with written notice. We elected the short-term lease practical expedient, allowing us to not recognize ROU assets or lease liabilities for all leases with a term of 12 months or less. ROU assets and liabilities on our Consolidated Balance Sheets do not include obligations for possible fleet vehicle lease renewals beyond the initial lease term. While we have the ability to renew these leases beyond the initial term, we are not reasonably certain to do so. We have not provided material residual value guarantees for our leases, nor do our leases contain material restrictions or covenants. Lease contracts containing renewal and termination options are mostly exercisable at our sole discretion. Certain of our real estate and railcar leases include renewal periods in the measurement of the lease obligation if we have deemed the renewals reasonably certain to be exercised. With respect to service contracts involving the use of assets, if we have the right to direct the use of the asset and obtain substantially all economic benefits from the use of an asset, we account for the service contract as a lease. Unless specifically provided to us by the lessor, we utilize NiSource's collateralized incremental borrowing rate commensurate to the lease term as the discount rate for all of our leases. ASC 842 permits a lessee, by class of underlying asset, not to separate nonlease components from lease components. Our policy is to apply this expedient for our leases of fleet vehicles, IT assets and railcars when calculating their respective lease liabilities. Lease costs for the years ended December 31, 2023 and December 31, 2022 are presented in the table below. These costs include both amounts recognized in expense and amounts capitalized as part of the cost of another asset. Income statement presentation for these costs (when ultimately recognized on the income statement) is also included: Year Ended December 31, (in millions) Income Statement Classification 2023 2022 Finance lease cost Amortization of right-of-use assets Depreciation and amortization $ 32.0 $ 31.9 Interest on lease liabilities Interest expense, net 8.6 8.5 Total finance lease cost 40.6 40.4 Operating lease cost Operation and maintenance 11.3 10.4 Total lease cost $ 51.9 $ 50.8 Our right-of-use assets and liabilities are presented in the following lines on the Consolidated Balance Sheets: At December 31, (in millions) Balance Sheet Classification 2023 2022 Assets Finance leases Net Property, Plant and Equipment $ 184.3 $ 153.4 Operating leases Deferred charges and other 32.9 35.7 Total leased assets $ 217.2 189.1 Liabilities Current Finance leases Current portion of long-term debt $ 23.8 30.0 Operating leases Other accruals 8.3 4.8 Noncurrent Finance leases Long-term debt, excluding amounts due within one year 181.6 144.7 Operating leases Other noncurrent liabilities 25.8 31.9 Total lease liabilities $ 239.5 $ 211.4 Other pertinent information related to leases was as follows: Year Ended December 31, (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for finance leases $ 9.3 $ 8.6 Operating cash flows used for operating leases 11.1 10.3 Financing cash flows used for finance leases 33.1 30.3 Right-of-use assets obtained in exchange for lease obligations Finance leases 64.5 19.3 Operating leases $ 5.6 $ 8.8 December 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) Finance leases 16.4 9.9 Operating leases 6.7 7.7 Weighted-average discount rate Finance leases 5.5 % 5.1 % Operating leases 4.3 % 4.0 % Maturities of our lease liabilities as of December 31, 2023 were as follows: As of December 31, 2023, (in millions) Total Finance Leases Operating Leases 2024 $ 44.4 $ 34.8 $ 9.6 2025 36.6 30.7 5.9 2026 31.1 25.7 5.4 2027 25.2 20.6 4.6 2028 22.5 19.3 3.2 Thereafter 201.7 190.7 11.0 Total lease payments 361.5 321.8 39.7 Less: Imputed interest (122.0) (116.4) (5.6) Total $ 239.5 $ 205.4 $ 34.1 Reported as of December 31, 2023 Short-term lease liabilities 32.1 23.8 8.3 Long-term lease liabilities 207.4 181.6 25.8 Total lease liabilities $ 239.5 $ 205.4 $ 34.1 |
Other Commitments And Contingen
Other Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments And Contingencies | Contractual Obligations . We have certain contractual obligations requiring payments at specified periods. The obligations include long-term debt, lease obligations, energy commodity contracts and obligations for various services including pipeline capacity and outsourcing of IT services. The total contractual obligations in existence at December 31, 2023 and their maturities were: (in millions) Total 2024 2025 2026 2027 2028 After Long-term debt (1) $ 10,955.0 $ — $ 1,260.0 $ — $ 1,090.0 $ 1,055.0 $ 7,550.0 Interest payments on long-term debt 6,017.8 431.1 431.1 418.5 399.1 349.0 3,989.0 Finance leases (2) 321.8 34.8 30.7 25.7 20.6 19.3 190.7 Operating leases (3) 39.7 9.6 5.9 5.4 4.6 3.2 11.0 Energy commodity contracts 153.9 114.7 39.2 — — — — Service obligations: Pipeline service obligations 2,196.6 652.0 485.7 406.3 388.7 162.3 101.6 IT service obligations 161.8 83.6 57.2 16.7 4.3 — — Other liabilities (4) 98.3 62.8 5.8 5.2 5.2 5.2 14.1 Total contractual obligations $ 19,944.9 $ 1,388.6 $ 2,315.6 $ 877.8 $ 1,912.5 $ 1,594.0 $ 11,856.4 (1) Long-term debt balance excludes unamortized issuance costs and discounts of $81.1 million. (2) Finance lease payments shown above are inclusive of interest totaling $116.4 million. (3) Operating lease payments shown above are inclusive of interest totaling $5.6 million. Operating lease balances do not include obligations for possible fleet vehicle lease renewals beyond the initial lease term. While we have the ability to renew these leases beyond the initial term, we are not reasonably certain to do so as they are renewed month-to-month after the first year. (4) Other liabilities shown above are primarily related to the Indiana Crossroads Solar and Dunns Bridge I Developer payments due in 2024 and ongoing maintenance service agreements for our renewable joint ventures. Purchase and Service Obligations. We have entered into various purchase and service agreements whereby we are contractually obligated to make certain minimum payments in future periods. Our purchase obligations are for the purchase of physical quantities of natural gas, electricity and coal. Our service agreements encompass a broad range of business support and maintenance functions which are generally described below. Our subsidiaries have entered into various energy commodity contracts to purchase physical quantities of natural gas, electricity and coal. These amounts represent the minimum quantity of these commodities we are obligated to purchase at both fixed and variable prices. To the extent contractual purchase prices are variable, obligations disclosed in the table above are valued at market prices as of December 31, 2023. NIPSCO has power purchase arrangements representing a total of 700 MW of wind power, with contracts expiring between 2024 and 2040. No minimum quantities are specified within these agreements due to the variability of electricity generation from wind, so no amounts related to these contracts are included in the table above. Upon early termination of one of these agreements by NIPSCO for any reason (other than material breach by the counterparties), NIPSCO may be required to pay a termination charge that could be material depending on the events giving rise to termination and the timing of the termination. We have pipeline service agreements that provide for pipeline capacity, transportation and storage services. These agreements, which have expiration dates ranging from 2024 to 2038, require us to pay fixed monthly charges. NIPSCO has contracts with three major rail operators providing coal transportation services for which there are certain minimum payments. These service contracts extend for various periods through 2025. We have executed agreements with multiple IT service providers. The agreements extend for various periods through 2028. B. Guarantees and Indemnities . We and certain of our subsidiaries enter into various agreements providing financial or performance assurance to third parties on behalf of certain subsidiaries as part of normal business. Such agreements include guarantees and stand-by letters of credit. These agreements are entered into primarily to support or enhance the creditworthiness otherwise attributed to a subsidiary on a stand-alone basis, thereby facilitating the extension of sufficient credit to accomplish the subsidiaries’ intended commercial purposes. At December 31, 2023 and 2022, we issued stand-by letters of credit of $9.9 million and $10.2 million, respectively, for the benefit of third parties. We provide guarantees related to our future performance under BTAs for our renewable generation projects. At December 31, 2023 and 2022, our guarantees for multiple BTAs totaled $646.1 million and $841.6 million, respectively. The amount of each guaranty will decrease upon the substantial completion of the construction of the facilities. See “- E. Other Matters - Generation Transition,” below for more information. C. Legal Proceedings . From time to time, various legal and regulatory claims and proceedings are pending or threatened against the Company and its subsidiaries. While the amounts claimed may be substantial, the Company is unable to predict with certainty the ultimate outcome of such claims and proceedings. The Company establishes reserves whenever it believes it to be appropriate for pending litigation matters. However, the actual results of resolving the pending litigation matters may be substantially higher than the amounts reserved. If one or more other matters were decided against us, the effects could be material to our results of operations in the period in which we would be required to record or adjust the related liability and could also be material to our cash flows in the periods that we would be required to pay such liability. Due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim, proceeding or investigation would not have a material adverse effect on our results of operations, financial position or liquidity. FERC Investigation. In April 2022, NIPSCO was notified that the FERC Office of Enforcement (“OE”) was conducting an investigation of an industrial customer for allegedly manipulating the MISO Demand Response (“DR”) market. On January 4, 2024, FERC issued an Order approving a Stipulation and Consent Agreement (the "FERC Stipulation and Consent Agreement") which resolved the FERC OE investigation. Under the FERC Stipulation and Consent Agreement, neither NIPSCO nor the industrial customer admitted or denied any wrongdoing. Further, under the FERC Stipulation and Consent Agreement, the industrial customer is to disgorge $48.5 million and NIPSCO is to disgorge $7.7 million. The full amount of disgorgements will be returned to customers. NIPSCO has recovered more than 50% of its costs. Other Claims and Proceedings. We are also party to certain other claims, regulatory and legal proceedings arising in the ordinary course of business in each state in which we have operations, and based upon an investigation of these matters and discussion with legal counsel, we believe the ultimate outcome of such other legal proceedings to be individually, or in aggregate, not material at this time. D. Environmental Matters . Our operations are subject to environmental statutes and regulations related to air quality, water quality, hazardous waste and solid waste. We believe that we are in substantial compliance with the environmental regulations currently applicable to our operations. It is management's continued intent to address environmental issues in cooperation with regulatory authorities in such a manner as to achieve mutually acceptable compliance plans. However, there can be no assurance that fines and penalties will not be incurred. Management expects the majority of environmental assessment and remediation costs and asset retirement costs, further described below, to be recoverable through rates. See Note 12, "Regulatory Matters," for additional detail. As of December 31, 2023 and 2022, we had recorded a liability of $80.0 million and $86.5 million, respectively, to cover environmental remediation at various sites. This liability is included in "Other accruals" and "Other noncurrent liabilities" in the Consolidated Balance Sheets. We recognize costs associated with environmental remediation obligations when the incurrence of such costs is probable and the amounts can be reasonably estimated. The original estimates for remediation activities may differ materially from the amount ultimately expended. The actual future expenditures depend on many factors, including laws and regulations, the nature and extent of impact and the method of remediation. These expenditures are not currently estimable at some sites. We periodically adjust our liability as information is collected and estimates become more refined. See Note 11, "Asset Retirement Obligations," for a discussion of all obligations, including those discussed below. CERCLA. Our subsidiaries are potentially responsible parties at waste disposal sites under the CERCLA and similar state laws. Under CERCLA, each potentially responsible party can be held jointly, severally and strictly liable for the remediation costs as the EPA, or state, can allow the parties to pay for remedial action or perform remedial action themselves and request reimbursement from the potentially responsible parties. Our affiliates have retained CERCLA environmental liabilities, including remediation liabilities, associated with certain current and former operations. At this time, we cannot estimate the full cost of remediating properties that have not yet been investigated, but it is possible that the future costs could be material to the Consolidated Financial Statements. MGP. We maintain a program to identify and investigate former MGP sites where Gas Distribution Operations subsidiaries or predecessors may have liability. The program has identified 53 such sites where liability is probable. Remedial actions at many of these sites are being overseen by state or federal environmental agencies through consent agreements or voluntary remediation agreements. We utilize a probabilistic model to estimate our future remediation costs related to MGP sites. The model was prepared with the assistance of a third party and incorporates our experience and general industry experience with remediating MGP sites. We complete an annual refresh of the model in the second quarter of each fiscal year. No material changes to the estimated future remediation costs were noted as a result of the refresh completed as of June 30, 2023. Our total estimated liability related to the facilities subject to remediation was $73.7 million and $81.0 million at December 31, 2023 and 2022, respectively. The liability represents our best estimate of the probable cost to remediate the MGP sites. We believe that it is reasonably possible that remediation costs could vary by as much as $15.1 million in addition to the costs noted above. Remediation costs are estimated based on the best available information, applicable remediation standards at the balance sheet date, and experience with similar facilities. CCRs. NIPSCO continues to meet the compliance requirements established by the EPA for the regulation of CCRs. The CCR rule requirements currently in effect required revisions to previously recorded legal obligations associated with the retirement of certain NIPSCO facilities. The actual asset retirement costs related to the CCR rule may vary substantially from the estimates used to record the increased asset retirement obligation due to the uncertainty about the requirements that will be established by environmental authorities, compliance strategies that will be used and the preliminary nature of available data used to estimate costs. As allowed by the rule, NIPSCO will continue to collect data over time to determine the specific compliance solutions and associated costs and, as a result, the actual costs may vary. E. Other Matters Generation Transition. NIPSCO has executed several BTAs with developers to construct renewable generation facilities. NIPSCO has received IURC approval for all of its BTAs and PPAs. In addition to IURC approval, NIPSCO's purchase obligation under certain BTAs is dependent on timely completion of construction and either payment of the required purchase price or successful execution by NIPSCO of an agreement with a tax equity partner. NIPSCO and the tax equity partner, for each respective BTA, are obligated to make cash contributions to the JV that acquires the project at the date construction is substantially complete. Certain agreements require NIPSCO to make partial payments upon the developer's completion of significant construction milestones. Once the tax equity partner has earned its negotiated rate of return and we have reached the agreed upon contractual date, NIPSCO has the option to purchase at fair market value the remaining interest in the JV from the tax equity partner. On January 17, 2024, the IURC approved the full ownership of Cavalry and Dunns Bridge II which will allow those BTAs to be executed through direct ownership. On November 22, 2023, Gibson transitioned from a PPA to a BTA. NIPSCO Minority Interest Transaction . On December 31, 2023, pursuant to the terms of the BIP Purchase Agreement and simultaneously with the closing of the NIPSCO Minority Interest Transaction, Blackstone, NIPSCO Holdings I NIPSCO Holdings II and NiSource entered into an Amended and Restated Limited Liability Company Agreement (the "LLC Agreement") of NIPSCO Holdings II. Specifically, under the terms of the LLC Agreement, Blackstone will provide up to $250 million in additional capital contributions over a three-year period after the closing, which the obligation is backed by an Equity Commitment Letter from an affiliate of Blackstone. Under the LLC Agreement, Blackstone is entitled to appoint two directors to the board of directors of NIPSCO Holdings II (the “Board”) so long as Blackstone (together with any approved affiliate) holds at least a 17.5% percentage interest (as defined in the LLC Agreement). In connection with the closing, Blackstone appointed two directors to the Board, such that the Board is now comprised of seven directors, two appointed by Blackstone and five appointed by NiSource. The LLC Agreement also contains certain investor protections, including, among other things, requiring Blackstone approval for Holdings II to take certain major actions. In addition, the LLC Agreement contains certain terms regarding transfer rights and other obligations applicable to both Blackstone and NiSource. The LLC Agreement establishes, among other things, governance rights, exit rights, requirements for additional capital contributions, mechanics for distributions, and other arrangements for Holdings II from and following the closing. On January 31, 2024, BIP transferred a 4.5% equity interest in NIPSCO Holdings II to BIP Blue Buyer VCOC L.L.C., a Delaware limited liability company and also an affiliate of Blackstone. Effective upon the closing of this transfer, the members of NIPSCO Holdings II entered into a Second Amended and Restated Limited Liability Company Operating Agreement of NIPSCO Holdings II (the "Amended LLC |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Components of Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Loss | The following table displays the activity of Accumulated Other Comprehensive Loss, net of tax: (in millions) Gains and Losses on Securities (1) Gains and Losses on Cash Flow Hedges (1) Pension and OPEB Items (1) Accumulated Other Comprehensive Loss (1) Balance as of January 1, 2021 $ 6.0 $ (147.9) $ (14.8) $ (156.7) Other comprehensive (loss) income before reclassifications (3.5) 25.3 6.6 28.4 Amounts reclassified from accumulated other comprehensive loss (0.4) 0.1 1.8 1.5 Net current-period other comprehensive (loss) income (3.9) 25.4 8.4 29.9 Balance as of December 31, 2021 $ 2.1 $ (122.5) $ (6.4) $ (126.8) Other comprehensive (loss) income before reclassifications (13.7) 109.7 (8.9) 87.1 Amounts reclassified from accumulated other comprehensive loss 0.4 0.2 2.0 2.6 Net current-period other comprehensive (loss) income (13.3) 109.9 (6.9) 89.7 Balance as of December 31, 2022 $ (11.2) $ (12.6) $ (13.3) $ (37.1) Other comprehensive income (loss) before reclassifications 3.1 (0.5) (1.4) 1.2 Amounts reclassified from accumulated other comprehensive loss 0.8 0.3 1.2 2.3 Net current-period other comprehensive income (loss) 3.9 (0.2) (0.2) 3.5 Balance as of December 31, 2023 $ (7.3) $ (12.8) $ (13.5) $ (33.6) (1) All amounts are net of tax. Amounts in parentheses indicate debits. |
Segments Of Business
Segments Of Business | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments Of Business | At December 31, 2023, our operations are divided into two primary reportable segments, the Gas Distribution Operations and the Electric Operations segments. The remainder of our operations, which are not significant enough on a stand-alone basis to warrant treatment as an operating segment, are presented as "Corporate and Other" and primarily are comprised of interest expense on holding company debt and unallocated corporate costs and activities. Refer to Note 3, "Revenue Recognition," for additional information on our segments and their sources of revenues. The following table provides information about our reportable segments. We use operating income as our primary measurement for each of the reported segments and make decisions on finance, dividends and taxes at the corporate level on a consolidated basis. Segment revenues include intersegment sales to affiliated subsidiaries, which are eliminated in consolidation. Affiliated sales are recognized on the basis of prevailing market, regulated prices or at levels provided for under contractual agreements. Operating income is derived from revenues and expenses directly associated with each segment. Year Ended December 31, (in millions) 2023 2022 2021 Operating Revenues Gas Distribution Operations Unaffiliated $ 3,720.4 $ 4,007.2 $ 3,171.2 Intersegment 12.3 12.6 12.3 Total 3,732.7 4,019.8 3,183.5 Electric Operations Unaffiliated 1,784.2 1,830.9 1,696.3 Intersegment 0.8 0.8 0.8 Total 1,785.0 1,831.7 1,697.1 Corporate and Other Unaffiliated 0.8 12.5 32.1 Intersegment 503.8 465.0 460.3 Total 504.6 477.5 492.4 Eliminations (516.9) (478.4) (473.4) Consolidated Operating Revenues $ 5,505.4 $ 5,850.6 $ 4,899.6 Year Ended December 31, (in millions) 2023 2022 2021 Operating Income (Loss) Gas Distribution Operations $ 901.9 $ 915.8 $ 617.5 Electric Operations 378.7 362.4 387.8 Corporate and Other 14.9 (12.4) 1.6 Consolidated Operating Income $ 1,295.5 $ 1,265.8 $ 1,006.9 Depreciation and Amortization Gas Distribution Operations $ 464.6 $ 415.9 $ 383.0 Electric Operations 400.9 362.9 329.4 Corporate and Other 42.7 42.0 36.0 Consolidated Depreciation and Amortization $ 908.2 $ 820.8 $ 748.4 Assets Gas Distribution Operations $ 18,122.8 $ 16,986.5 $ 15,153.7 Electric Operations 9,250.5 7,992.6 7,178.9 Corporate and Other 3,703.9 1,757.5 1,824.3 Consolidated Assets $ 31,077.2 $ 26,736.6 $ 24,156.9 Capital Expenditures (1) Gas Distribution Operations $ 1,715.2 $ 1,682.3 $ 1,406.4 Electric Operations 739.2 574.5 517.4 Corporate and Other 236.3 41.2 16.6 Consolidated Capital Expenditures $ 2,690.7 $ 2,298.0 $ 1,940.4 (1) Amounts differ from those presented on the Statements of Consolidated Cash Flows primarily due to the inclusion of capital expenditures in current liabilities, the capitalized portion of the Corporate Incentive Plan payout, and AFUDC Equity. |
Other, Net
Other, Net | 12 Months Ended |
Dec. 31, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other, Net | Year Ended December 31, (in millions) 2023 2022 2021 Interest income $ 9.0 $ 4.3 $ 4.0 AFUDC equity 25.2 15.1 13.1 Charitable contributions (1.8) (4.4) (11.5) Pension and other postretirement non-service cost (1) (24.0) 27.6 35.5 Interest rate swap settlement gain — 10.0 — Miscellaneous (0.4) (0.4) (0.3) Total Other, net $ 8.0 $ 52.2 $ 40.8 (1) See Note 16, "Pension and Other Postemployment Benefits," for additional information. |
Interest Expense, Net
Interest Expense, Net | 12 Months Ended |
Dec. 31, 2023 | |
Interest Expense [Abstract] | |
Interest Expense, Net | The following table displays the components of Interest Expense, Net included on the Statements of Consolidated Income: Year Ended December 31, (in millions) 2023 2022 2021 Interest on long-term debt $ 404.1 $ 344.5 $ 336.4 Interest on short-term borrowings 108.9 22.7 0.6 Debt discount/cost amortization 13.5 11.7 11.0 Accounts receivable securitization fees 2.7 2.5 1.4 Allowance for borrowed funds used and interest capitalized during construction (25.3) (6.7) (4.6) Debt-based post-in-service carrying charges (30.7) (21.1) (14.7) Other 16.4 8.0 11.0 Total Interest Expense, net $ 489.6 $ 361.6 $ 341.1 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | The following table provides additional information regarding our Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (in millions) 2023 2022 2021 Supplemental Disclosures of Cash Flow Information Non-cash transactions: Capital expenditures included in current liabilities $ 315.0 $ 275.1 $ 245.7 Assets acquired under a finance lease 64.5 19.3 22.4 Assets acquired under an operating lease 5.6 8.8 6.0 Reclassification of other property to regulatory assets (1) — — 607.6 Assets recorded for asset retirement obligations (2) 61.1 6.3 12.0 Obligation to developer at formation of JV (3) — — 277.5 Purchase contract liability, net of fees and payments (4) — 65.0 129.4 Schedule of interest and income taxes paid: Cash paid for interest on debt, net of interest capitalized amounts $ 433.9 $ 343.8 $ 322.4 Cash paid for interest on finance leases 8.6 8.5 9.4 Cash paid for income taxes, net of refunds 9.4 7.2 5.4 (1) See Note 12, "Regulatory Matters," for additional information. (2) See Note 11, "Asset Retirement Obligations," for additional information. (3) Represents investing non-cash activity. See Note 4, "Noncontrolling Interest," for additional information. (4) Refer to Note 6, "Equity," for additional information. |
Nature of Operations And Summ_2
Nature of Operations And Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Structure And Principles Of Consolidation | Company Structure and Principles of Consolidation. We are an energy holding company incorporated in Delaware and headquartered in Merrillville, Indiana. Our subsidiaries are fully regulated natural gas and electric utility companies serving approximately 3.8 million customers in six states. We generate substantially all of our operating income through these rate-regulated businesses. The consolidated financial statements include the accounts of us, our majority-owned subsidiaries, and VIEs of which we are the primary beneficiary after the elimination of all intercompany accounts and transactions. |
Use Of Estimates | Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash, Cash Equivalents, And Restricted Cash | Cash, Cash Equivalents and Restricted Cash. We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. We report amounts deposited in brokerage accounts for margin requirements as restricted cash. In addition, we have amounts deposited in trusts to satisfy requirements for the provision of various property, liability, workers compensation, and long-term disability insurance, and holdbacks related to certain joint venture development agreements which is classified as restricted cash on the Consolidated Balance Sheets and disclosed with cash and cash equivalents on the Statements of Consolidated Cash Flows. |
Accounts Receivable And Unbilled Revenue | Accounts Receivable and Unbilled Revenue. Accounts receivable on the Consolidated Balance Sheets includes both billed and unbilled amounts. Unbilled amounts of accounts receivable relate to a portion of a customer’s consumption of gas or electricity from their last cycle billing date through the last day of the month (balance sheet date). Factors taken into consideration when estimating unbilled revenue include historical usage, customer rates, weather and reasonable and supportable forecasts. Accounts receivable fluctuates from year to year depending in large part on weather impacts and price volatility. Our accounts receivable on the Consolidated Balance Sheets include unbilled revenue, less reserves. The reserve for uncollectible receivables is our best estimate of the amount of probable credit losses in the existing accounts receivable. We determined the reserve based on historical collection experience, current market conditions and reasonable and supportable forecasts. Account balances are charged against the allowance when it is anticipated the receivable will not be recovered. Refer to Note 3, "Revenue Recognition," for additional information on customer-related accounts receivable, including amounts related to unbilled revenues. |
Investments In Debt And Equity Securities | Investments in Debt Securities. Our investments in debt securities are carried at fair value and are designated as available-for-sale. These investments are included within “Available-for-sale debt securities” on the Consolidated Balance Sheets. Unrealized gains and losses, net of deferred income taxes, are recorded to accumulated other comprehensive income or loss. At each reporting period these investments are qualitatively and quantitatively assessed to determine whether a decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. Impairments related to credit loss are recorded through an allowance for credit losses. Impairments that are not related to credit losses are included in other comprehensive income and are reflected in the Statements of Consolidated Income. No material impairment charges were recorded for the years ended December 31, 2023, 2022 or 2021. Refer to Note 14, "Fair Value," for additional information. |
Basis Of Accounting For Rate-Regulated Subsidiaries | Basis of Accounting for Rate-Regulated Subsidiaries. Rate-regulated subsidiaries account for and report assets and liabilities consistent with the economic effect of the way in which regulators establish rates, if the rates established are designed to recover the costs of providing the regulated service and it is probable that such rates can be billed and collected. Certain expenses and credits subject to utility regulation or rate determination normally reflected in income are deferred on the Consolidated Balance Sheets and are later recognized in income as the related amounts are included in customer rates and recovered from or refunded to customers. We continually evaluate whether or not our operations are within the scope of ASC 980 and rate regulations. As part of that analysis, we evaluate probability of recovery for our regulatory assets. In management’s opinion, our regulated subsidiaries will be subject to regulatory accounting for the foreseeable future. Refer to Note 12, "Regulatory Matters," for additional information. |
Utility Plant And Other Property And Related Depreciation And Maintenance | Plant and Other Property and Related Depreciation and Maintenance. Property, plant and equipment (principally utility plant) is stated at cost. Our rate-regulated subsidiaries record depreciation using composite rates on a straight-line basis over the remaining service lives of the electric, gas and common properties, as approved by the appropriate regulators. Non-utility property includes renewable generation assets owned by JVs of which we are the primary beneficiary and is generally depreciated over the life of the associated assets. Refer to Note 9, "Property, Plant and Equipment," for additional information related to depreciation expense. For rate-regulated companies where provided for in rates, AFUDC is capitalized on all classes of property except organization costs, land, autos, office equipment, tools and other general property purchases. The allowance is applied to construction costs for that period of time between the date of the expenditure and the date on which such project is placed in service. Our consolidated pre-tax rate for AFUDC was 3.9% in 2023, 3.4% in 2022 and 3.3% in 2021. Generally, our subsidiaries follow the practice of charging maintenance and repairs, including the cost of removal of minor items of property, to expense as incurred. When our subsidiaries retire regulated property, plant and equipment, original cost plus the cost of retirement, less salvage value, is charged to accumulated depreciation. However, when it becomes probable a regulated asset will be retired substantially in advance of its original expected useful life or is abandoned, the cost of the asset and the corresponding accumulated depreciation is recognized as a separate asset. If the asset is still in operation, the gross amounts are classified as "Non-Utility and Other " as described in Note 9, "Property, Plant and Equipment." If the asset is no longer operating but still subject to recovery, the net amount is classified in "Regulatory assets" on the Consolidated Balance Sheets. If we are able to recover a full return of and on investment, the carrying value of the asset is based on historical cost. If we are not able to recover a full return on investment, a loss on impairment is recognized to the extent the net book value of the asset exceeds the present value of future revenues discounted at the incremental borrowing rate. |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets. Substantially all of our goodwill relates to the excess of cost over the fair value of the net assets acquired in the Columbia acquisition on November 1, 2000. We test our goodwill for impairment annually as of May 1, or more frequently if events and circumstances indicate that goodwill might be impaired. Fair value of our reporting units is determined using a combination of income and market approaches. See Note 10, "Goodwill," for additional information. |
Accounts Receivable Transfer Program | Accounts Receivable Transfer Programs. Certain of our subsidiaries have agreements with third parties to transfer certain accounts receivable without recourse. These transfers of accounts receivable are accounted for as secured borrowings. The entire gross receivables balance remains on the December 31, 2023 and 2022 Consolidated Balance Sheets. When amounts are securitized, the short-term debt is recorded in the amount of proceeds received from the transferees involved in the transactions. Refer to Note 7, "Short-Term Borrowings," for further information. |
Fuel Adjustment Clause | Gas Cost and Fuel Adjustment Clause. Our regulated subsidiaries defer most differences between gas and fuel purchase costs and the recovery of such costs in revenues and adjust future billings for such deferrals on a basis consistent with applicable state-approved tariff provisions. These deferred balances are recorded as "Regulatory assets" or "Regulatory liabilities," as appropriate, on the Consolidated Balance Sheets. Refer to Note 12, "Regulatory Matters," for additional information. |
Gas Inventory | Gas Storage and Other Inventories. Both the LIFO inventory methodology and the weighted average cost methodology are used to value natural gas in storage, as approved by regulators for all of our regulated subsidiaries. Inventory valued using LIFO was $43.9 million and $43.0 million at December 31, 2023 and 2022, respectively. Based on the average cost of gas using the LIFO method, the estimated replacement cost of gas in storage was less than the stated LIFO cost by $22.5 million at December 31, 2023 and was greater than the stated LIFO cost by $7.7 million at December 31, 2022. As all LIFO inventory costs are collected from customers through our rate-regulated subsidiaries, no inventory impairment has been recorded. Gas inventory valued using the weighted average cost methodology was $222.0 million at December 31, 2023 and $488.7 million at December 31, 2022. Electric production fuel is valued using the weighted average cost inventory methodology, as approved by NIPSCO's regulator. Materials and supplies are valued using the weighted average cost inventory methodology. Materials and supplies are charged to expense or capitalized to property, plant and equipment when issued. |
Accounting For Exchange And Balancing Arrangements Of Natural Gas | Accounting for Exchange and Balancing Arrangements of Natural Gas. Our Gas Distribution Operations segment enters into balancing and exchange arrangements of natural gas as part of its operations and off-system sales programs. We record a receivable or payable for any of our respective cumulative gas imbalances, as well as for any gas inventory borrowed or lent under a Gas Distribution Operations exchange agreement. Exchange gas is valued based on individual regulatory jurisdiction requirements (for example, historical spot rate, spot at the beginning of the month). These receivables and payables are recorded as “Exchange gas receivable” or “Exchange gas payable” on our Consolidated Balance Sheets, as appropriate. |
Accounting For Risk Management Activities | Accounting for Risk Management Activities. We account for our derivatives and hedging activities in accordance with ASC 815. We recognize all derivatives as either assets or liabilities on the Consolidated Balance Sheets at fair value, unless such contracts are exempted as a normal purchase normal sale under the provisions of the standard. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and resulting designation. We do not offset the fair value amounts recognized for any of our derivative instruments against the fair value amounts recognized for the right to reclaim cash collateral or obligation to return cash collateral for derivative instruments executed with the same counterparty under a master netting arrangement. See Note 13, "Risk Management Activities," for additional information. |
Income Taxes And Investment Tax Credits | Income Taxes and Investment Tax Credits. We record income taxes to recognize full interperiod tax allocations. Under the asset and liability method, deferred income taxes are provided for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amount and the tax basis of existing assets and liabilities. Investment tax credits associated with regulated operations are deferred and amortized as a reduction to income tax expense over the estimated useful lives of the related properties. To the extent certain deferred income taxes of the regulated companies are recoverable or payable through future rates, regulatory assets and liabilities have been established. Regulatory assets for income taxes are primarily attributable to property-related tax timing differences for which deferred taxes had not been provided in the past when regulators did not recognize such taxes as costs in the rate-making process. Regulatory liabilities for income taxes are primarily attributable to the regulated companies’ obligation to refund to ratepayers deferred income taxes provided at rates higher than the current Federal income tax rate. Such property-related amounts are credited to ratepayers using either the average rate assumption method or the reverse South Georgia method. Non property-related amounts are credited to ratepayers consistent with state utility commission direction. |
Environmental Expenditures | Environmental Expenditures. We accrue for costs associated with environmental remediation obligations, including expenditures related to asset retirement obligations and cost of removal, when the incurrence of such costs is probable and the amounts can be reasonably estimated, regardless of when the expenditures are actually made. The undiscounted estimated future expenditures are based on currently enacted laws and regulations, existing technology and estimated site-specific costs where assumptions may be made about the nature and extent of site contamination, the extent of cleanup efforts, costs of alternative cleanup methods and other variables. The liability is adjusted as further information is discovered or circumstances change. The accruals for estimated environmental expenditures are recorded on the Consolidated Balance Sheets in “Other accruals” for short-term portions of these liabilities and “Other noncurrent liabilities” for the respective long-term portions of these liabilities. Rate-regulated subsidiaries applying regulatory accounting establish regulatory assets on the Consolidated Balance Sheets to the extent that future recovery of environmental remediation costs is probable through the regulatory process. Refer to Note 11, "Asset Retirement Obligations," and Note 19, "Other Commitments and Contingencies," for further information. |
Excise Taxes | Excise Taxes. As an agent for some state and local governments, we invoice and collect certain excise taxes levied by state and local governments on customers and record these amounts as liabilities payable to the applicable taxing jurisdiction. Such balances are presented within "Other accruals" on the Consolidated Balance Sheets. These types of taxes collected from customers, comprised largely of sales taxes, are presented on a net basis affecting neither revenues nor cost of sales. We account for excise taxes for which we are liable by recording a liability for the expected tax with a corresponding charge to “Other taxes” expense on the Statements of Consolidated Income. |
Accrued Insurance Liabilities | Accrued Insurance Liabilities. We accrue for insurance costs related to workers compensation, automobile, property, general and employment practices liabilities based on the most probable value of each claim. In general, claim values are determined by professional, licensed loss adjusters who consider the facts of the claim, anticipated indemnification and legal expenses, and respective state rules. Claims are reviewed by us at least quarterly and an adjustment is made to the accrual based on the most current information. |
Pension Remeasurement | Pension Remeasurement. We utilize a third-party actuary for the purpose of performing actuarial valuations of our defined benefit plans. Annually, as of December 31, we perform a remeasurement for our defined benefit plans. Quarterly, we monitor for significant events, and if a significant event is identified, we perform a qualitative and quantitative assessment to determine if the resulting remeasurement would materially impact the NiSource financial statements. If material, an interim remeasurement is performed. See Note 16, "Pension and Other Postemployment Benefits," for additional information. |
VIEs and Allocation of Earnings | . We maintain a controlling financial interest in certain of our less than wholly owned subsidiaries. We consolidate these subsidiaries as either voting interest entities or VIEs and present the third-party investors' portion of our net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Consolidated Balance Sheet. On December 31, 2023, the NIPSCO Minority Interest Transaction closed and a 19.9% equity interest in NIPSCO Holdings II, the sole owner of NIPSCO, was issued to an affiliate of Blackstone. NIPSCO Holdings II does not meet the criteria of a VIE and instead is consolidated under the voting interest model in accordance with ASC 810 as we maintain control through a majority interest in NIPSCO Holdings II. Refer to Note 4, "Noncontrolling Interest," for further discussion on the NIPSCO Minority Interest Transaction. We fund a significant portion of our renewable generation assets through JVs with tax equity partners. We consolidate these JVs in accordance with ASC 810 as they are VIEs in which we hold a variable interest, and we control decisions that are significant to the JVs' ongoing operations and economic results (i.e., we are the primary beneficiary). These JVs are subject to profit sharing arrangements in which the allocation of the JVs' cash distributions and tax benefits to members is based on factors other than members' relative ownership percentages. As such, we utilize the HLBV method to allocate proceeds to each partner at the balance sheet date based on the liquidation provisions of the related JV's operating agreement and adjusts the amount of the VIE's net income attributable to us and the noncontrolling tax equity member during the period. In each reporting period, the application of HLBV to our consolidated VIEs results in a difference between the amount of profit from the consolidated JVs and the amount included in regulated rates. As discussed above in "F. Basis of Accounting for Rate-Regulated Subsidiaries," we are subject to the accounting and reporting requirements of ASC 980. In accordance with these principles, we recognize a regulatory liability or asset for amounts representing the timing difference between the profit earned from the JVs and the amount included in regulated rates to recover our approved investments in consolidated JVs. The amounts recorded in income will ultimately reflect the amount allowed in regulated rates to recover our investments over the useful life of the projects. The offset to the regulatory liability or asset associated with our renewable investments included in regulated rates is recorded in "Depreciation expense" on the Statements of Consolidated Income. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The tables below reconcile revenue disaggregation by customer class to segment revenue, as well as to revenues reflected on the Statements of Consolidated Income: Year Ended December 31, 2023 (in millions) Gas Distribution Operations (2) Electric Operations (3) Corporate and Other Total Customer Revenues (1) Residential $ 2,462.5 $ 583.9 $ — $ 3,046.4 Commercial 847.9 578.1 — 1,426.0 Industrial 226.0 474.1 — 700.1 Off-system 60.6 — — 60.6 Wholesale 1.6 32.0 — 33.6 Public Authority — 11.5 — 11.5 Miscellaneous (4) 48.2 21.4 — 69.6 Total Customer Revenues $ 3,646.8 $ 1,701.0 $ — $ 5,347.8 Other Revenues 73.6 83.2 0.8 157.6 Total Operating Revenues $ 3,720.4 $ 1,784.2 $ 0.8 $ 5,505.4 (1) Customer revenue amounts exclude intersegment revenues. See Note 21, "Business Segment Information," for discussion of intersegment revenues. (2) Amounts included in Gas Distributions Operations Other revenues primarily related to weather normalization adjustment mechanisms. (3) Amounts included in Electric Operations Other revenues primarily relate to MISO multi-value projects and revenue from non-jurisdictional transmission assets. (4) Amounts included in Gas Distributions are primarily related to earnings share mechanisms and late fees. Amounts included in Electric Operations are primarily related to late fees, property rentals, revenue refunds and adjustments. Year Ended December 31, 2022 (in millions) Gas Distribution Operations (2) Electric Operations (3) Corporate and Other (4) Total Customer Revenues (1) Residential $ 2,609.7 $ 592.4 $ — $ 3,202.1 Commercial 939.6 571.0 — 1,510.6 Industrial 220.6 560.6 — 781.2 Off-system 192.9 — — 192.9 Wholesale 2.1 13.5 — 15.6 Public Authority — 12.1 — 12.1 Miscellaneous (5) 38.2 (14.1) — 24.1 Total Customer Revenues $ 4,003.1 $ 1,735.5 $ — $ 5,738.6 Other Revenues 4.1 95.4 12.5 112.0 Total Operating Revenues $ 4,007.2 $ 1,830.9 $ 12.5 $ 5,850.6 (1) Customer revenue amounts exclude intersegment revenues. See Note 21, "Business Segment Information," for discussion of intersegment revenues. (2) Amounts included in Gas Distributions Operations Other revenues primarily related to weather normalization adjustment mechanisms. (3) Amounts included in Electric Operations Other revenues primarily relate to MISO multi-value projects and revenue from non-jurisdictional transmission assets. (4) Other revenues related to the Transition Services Agreement entered into in connection with the sale of the Massachusetts Business, which was substantially completed as of June 30, 2022. (5) Amounts included in Gas distributions are primarily related to earnings share mechanisms and late fees. Amounts included in Electric Operations are primarily related to revenue trackers, late fees, and property rentals. Year Ended December 31, 2021 (in millions) Gas Distribution Operations (2) Electric Operations (3) Corporate and Other (4) Total Customer Revenues (1) Residential $ 2,109.4 $ 567.9 $ — $ 2,677.3 Commercial 722.4 534.9 — 1,257.3 Industrial 195.7 493.4 — 689.1 Off-system 71.3 — — 71.3 Wholesale 1.4 15.7 — 17.1 Public Authority — 12.5 — 12.5 Miscellaneous (5) 25.9 (20.0) 0.8 6.7 Total Customer Revenues $ 3,126.1 $ 1,604.4 $ 0.8 $ 4,731.3 Other Revenues 45.1 91.9 31.3 168.3 Total Operating Revenues $ 3,171.2 $ 1,696.3 $ 32.1 $ 4,899.6 (1) Customer revenue amounts exclude intersegment revenues. See Note 21, "Business Segment Information," for discussion of intersegment revenues. (2) Amounts included in Gas Distributions Operations Other revenues primarily related to weather normalization adjustment mechanisms. (3) Amounts included in Electric Operations Other revenues primarily relate to MISO multi-value projects and revenue from non-jurisdictional transmission assets. (4) Other revenues related to the Transition Services Agreement entered into in connection with the sale of the Massachusetts Business. (5) Amounts included in Gas distributions are primarily related to earnings share mechanisms and late fees. Amounts included in Electric Operations are primarily related to revenue trackers, late fees and property rentals. |
Customer Accounts Receivable | The opening and closing balances of customer receivables for the year ended December 31, 2023, are presented in the table below. We had no significant contract assets or liabilities during the period. Additionally, we have not incurred any significant costs to obtain or fulfill contracts. (in millions) Customer Accounts Receivable, Billed (less reserve) Customer Accounts Receivable, Unbilled (less reserve) Balance as of December 31, 2022 $ 560.5 $ 453.0 Balance as of December 31, 2023 479.4 337.6 |
Financing Receivable, Allowance for Credit Loss | A rollforward of our allowance for credit losses as of December 31, 2023 and December 31, 2022, are presented in the tables below: (in millions) Gas Distribution Operations Electric Operations Corporate and Other Total Balance as of January 1, 2023 $ 17.2 $ 5.9 $ 0.8 $ 23.9 Current period provisions 33.8 6.0 — 39.8 Write-offs charged against allowance (55.4) (6.2) — (61.6) Recoveries of amounts previously written off 20.4 0.4 — 20.8 Balance as of December 31, 2023 $ 16.0 $ 6.1 $ 0.8 $ 22.9 (in millions) Gas Distribution Operations Electric Operations Corporate and Other Total Balance as of January 1, 2022 $ 18.9 $ 3.8 $ 0.8 $ 23.5 Current period provisions 29.1 6.9 — 36.0 Write-offs charged against allowance (52.1) (5.3) — (57.4) Recoveries of amounts previously written off 21.3 0.5 — 21.8 Balance as of December 31, 2022 $ 17.2 $ 5.9 $ 0.8 $ 23.9 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities Assets and Liabilities | Our Consolidated Balance Sheets included the following assets and liabilities associated with VIEs. (in millions) December 31, December 31, Net Property, Plant and Equipment $ 1,369.8 $ 978.5 Current assets 63.6 25.7 Total assets (1) 1,433.4 1,004.2 Current liabilities 68.3 128.2 Asset retirement obligations 55.7 30.6 Total liabilities $ 124.0 $ 158.8 (1) The assets of each VIE represent assets of a consolidated VIE that can be used only to settle obligations of the respective consolidated VIE. The creditors of the liabilities of the VIEs do not have recourse to the general credit of the primary beneficiary. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of our basic and diluted EPS: Year Ended December 31, (in millions, except per share amounts) 2023 2022 2021 Numerator: Net Income Available to Common Shareholders $ 661.7 $ 749.0 $ 529.8 Less: Income allocated to participating securities 0.6 — — Net Income Available to Common Shareholders - Basic $ 661.1 $ 749.0 $ 529.8 Add: Dilutive effect of Equity Units 1.4 2.0 1.6 Net Income Available to Common Shareholders - Diluted $ 662.5 $ 751.0 $ 531.4 Denominator: Average common shares outstanding - Basic 416.1 407.1 393.6 Dilutive potential common shares: Equity Units purchase contracts 29.8 30.2 22.0 Equity Units purchase contract payment balance 0.9 3.2 — Shares contingently issuable under employee stock plans 0.7 0.9 0.8 Shares restricted under employee stock plans 0.4 0.5 0.3 ATM Forward agreements — 0.8 0.6 Average Common Shares - Diluted 447.9 442.7 417.3 Earnings per common share: Basic $ 1.59 $ 1.84 $ 1.35 Diluted $ 1.48 $ 1.70 $ 1.27 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule Of Stock Offering Program | The following table summarizes our activity under the ATM program. Year Ending December 31, 2023 2022 Number of shares issued — 5,941,598 Average price per share $ — $ 25.25 Proceeds, net of fees ( in millions) $ — $ 141.9 |
Schedule of Stock by Class - Preferred | Equity Units. On April 19, 2021, we completed the sale of 8.625 million Equity Units, initially consisting of Corporate Units, each with a stated amount of $100. The offering generated net proceeds of $835.5 million, after underwriting and issuance expenses. Each Corporate Unit consisted of a forward contract to purchase shares of our common stock in the future and a 1/10th, or 10%, undivided beneficial ownership interest in one share of Series C Mandatory Convertible Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share. The Series C Mandatory Convertible Preferred Stock was pledged upon issuance as collateral to secure the purchase of common stock under the related purchase contracts. The Series C Mandatory Convertible Preferred Stock did not bear any dividends and the liquidation preference did not accrete. Selected information about the Equity Units is presented below: (in millions except contract rate) Issuance Date Units Issued Total Net Proceeds (1) Purchase Contract Annual Rate Purchase Contract Liability Equity Units April 19, 2021 8.625 $ 835.5 7.75 % $ 168.8 (1) Issuance costs of $27.0 million were recorded on a relative fair value basis as a reduction to preferred stock of $22.5 million and a reduction to the purchase contract liability of $4.5 million. Pursuant to the Purchase Contract and Pledge Agreement, we were required to attempt a remarketing of the Series C Mandatory Convertible Preferred Stock prior to December 1, 2023. On November 17, 2023, we announced the unsuccessful final remarketing of our Series C Mandatory Convertible Preferred Stock. On December 1, 2023, we issued 33,898,837 shares of our common stock under the purchase contract component of the Corporate Units based upon the per-share daily volume weighted average of our common stock over a consecutive 40-day trading period ending on November 29, 2023. As of December 1, 2023, each holder of Corporate Units was deemed to have automatically delivered to us the related Series C Mandatory Convertible Preferred Stock that were components of the Corporate Units in full satisfaction of such holder’s obligations under the related purchase contract, and all shares of Series C Mandatory Convertible Preferred Stock were returned to the status of authorized but unissued preferred stock, par value of $0.01 per share, without designation as to series. We voluntarily delisted the Corporate Units from the New York Stock Exchange. We paid quarterly contract adjustment payments at the rate of 7.75% per year on the stated amount of $100 per Equity Unit. As of December 31, 2023 and December 31, 2022 the purchase contract liability was zero and $65.0 million, respectively. Purchase contract payments were recorded against this liability. Accretion of the purchase contract liability was recorded as interest expense. Cash payments of $66.8 million were made during the years ended December 31, 2023 and 2022. We accounted for the Corporate Units as a single unit of account and recorded the initial present value of the purchase contract payments as a liability with a corresponding reduction to preferred stock. As of December 31, 2023, the balance of the Series C Mandatory Convertible Preferred Stock was $0.0 million and during the fourth quarter of 2023 we recorded the settlement of the forward purchase contract as an increase to common stock and additional paid-in capital. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt, Current and Noncurrent [Abstract] | |
Schedule of Long-Term Debt | Our long-term debt as of December 31, 2023 and 2022 is as follows: Long-term debt type Maturity as of December 31, 2023 Weighted average interest rate (%) Outstanding balance as of December 31, (in millions) 2023 2022 Senior notes: NiSource August 2025 0.95 % $ 1,250.0 $ 1,250.0 NiSource May 2027 3.49 % 1,000.0 1,000.0 NiSource December 2027 6.78 % 3.0 3.0 NiSource March 2028 5.25 % 1,050.0 — NiSource September 2029 2.95 % 750.0 750.0 NiSource May 2030 3.60 % 1,000.0 1,000.0 NiSource February 2031 1.70 % 750.0 750.0 NiSource June 2033 5.40 % 450.0 — NiSource December 2040 6.25 % 152.6 152.6 NiSource June 2041 5.95 % 347.4 347.4 NiSource February 2042 5.80 % 250.0 250.0 NiSource February 2043 5.25 % 500.0 500.0 NiSource February 2044 4.80 % 750.0 750.0 NiSource February 2045 5.65 % 500.0 500.0 NiSource May 2047 4.38 % 1,000.0 1,000.0 NiSource March 2048 3.95 % 750.0 750.0 NiSource June 2052 5.00 % 350.0 350.0 Total senior notes $ 10,853.0 $ 9,353.0 Medium term notes: NiSource May 2027 7.99 % $ 29.0 $ 29.0 NIPSCO June 2027 to August 2027 7.64 % 58.0 58.0 Columbia of Massachusetts December 2025 to February 2028 6.37 % 15.0 15.0 Total medium term notes $ 102.0 $ 102.0 Finance leases: NiSource Corporate Services February 2024 to September 2027 2.89 % $ 30.5 $ 48.6 NIPSCO December 2027 to November 2035 4.77 % 61.2 16.5 Columbia of Ohio December 2025 to March 2044 6.16 % 90.3 83.5 Columbia of Virginia July 2029 to November 2039 6.23 % 16.1 17.0 Columbia of Kentucky May 2027 3.79 % 0.2 0.2 Columbia of Pennsylvania July 2027 to May 2035 4.49 % 7.1 8.9 Total finance leases $ 205.4 $ 174.7 Unamortized issuance costs and discounts $ (81.1) $ (76.1) Total Long-Term Debt $ 11,079.3 $ 9,553.6 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | Our property, plant and equipment on the Consolidated Balance Sheets are classified as follows: At December 31, (in millions) 2023 2022 Property, Plant and Equipment Gas Distribution Utility $ 18,154.5 $ 16,576.4 Electric Utility 7,907.9 7,162.4 Corporate 274.2 271.7 Construction Work in Process 1,261.1 1,398.2 Renewable Generation Assets (1) 1,434.4 702.2 Non-Utility and Other 1,450.0 1,440.4 Total Property, Plant and Equipment $ 30,482.1 $ 27,551.3 Accumulated Depreciation and Amortization Gas Distribution Utility $ (3,924.4) $ (3,678.1) Electric Utility (2,709.5) (2,557.4) Corporate (174.2) (160.0) Renewable Generation Assets (1) (64.5) (29.7) Non-Utility and Other (1,334.6) (1,283.5) Total Accumulated Depreciation and Amortization $ (8,207.2) $ (7,708.7) Net Property, Plant and Equipment $ 22,274.9 $ 19,842.6 (1) Our renewable generation assets are part of our electric segment and represent Non-Utility Property, owned and operated by JVs between NIPSCO and unrelated tax equity partners, and depreciated straight-line over 30 years. Refer to Note 4, "Noncontrolling Interest," for additional information. |
Schedule Of Depreciation Provisions For Utility Plant As A Percentage Of The Original Cost | The weighted average depreciation provisions for utility plant, as a percentage of the original cost, for the periods ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 Electric Operations 3.5 % 3.1 % 3.4 % Gas Distribution Operations 2.4 % 2.3 % 2.2 % |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligation [Abstract] | |
Changes In Liability For Asset Retirement Obligations | Changes in our liability for asset retirement obligations for the years 2023 and 2022 are presented in the table below: (in millions) 2023 2022 Beginning Balance $ 513.5 $ 512.4 Accretion recorded as a regulatory asset/liability 20.0 17.1 Additions 23.5 9.5 Settlements (41.6) (22.3) Change in estimated cash flows 37.6 (3.2) Ending Balance $ 553.0 $ 513.5 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets | Regulatory assets were comprised of the following items: At December 31, (in millions) 2023 2022 Regulatory Assets Unrecognized pension and other postretirement benefit costs (see Note 16) $ 561.6 $ 607.5 Deferred pension and other postretirement benefit costs (see Note 16) 59.7 72.2 Environmental costs (see Note 19-D.) 40.6 41.4 Regulatory effects of accounting for income taxes (see Note 1-N. and Note 15) 163.5 158.0 Under-recovered gas and fuel costs (see Note 1-J.) 12.7 85.5 Depreciation 201.9 191.3 Post-in-service carrying charges 269.9 251.5 Safety activity costs 206.6 200.7 DSM programs 25.0 37.5 Retired coal generating stations 682.0 744.0 Losses on commodity price risk programs (See Note 13) 24.4 10.0 Deferred property taxes 72.3 68.5 Renewable energy investments (See Note 1-S. and Note 4) 60.8 37.7 Other 79.2 75.0 Total Regulatory Assets $ 2,460.2 $ 2,580.8 Less: Current Portion 214.3 233.2 Total Noncurrent Regulatory Assets $ 2,245.9 $ 2,347.6 |
Regulatory Liabilities | Regulatory liabilities were comprised of the following items: At December 31, (in millions) 2023 2022 Regulatory Liabilities Over-recovered gas and fuel costs (see Note 1-J.) $ 144.5 $ 20.6 Cost of removal (see Note 11) 597.2 675.9 Regulatory effects of accounting for income taxes (see Note 1-N. and Note 15) 849.9 996.3 Deferred pension and other postretirement benefit costs (see Note 16) 54.0 66.8 Gains on commodity price risk programs (See Note 13) 23.3 90.0 Customer Assistance Programs 19.8 32.9 Off-Systems sales sharing 19.0 12.3 HLBV Adjustments under ASC 980 18.1 5.4 Rate Refunds 16.1 51.4 Other 47.4 61.0 Total Regulatory Liabilities $ 1,789.3 $ 2,012.6 Less: Current Portion 278.6 236.8 Total Noncurrent Regulatory Liabilities $ 1,510.7 $ 1,775.8 |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risk Management Activities [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Risk management assets and liabilities on our derivatives are presented on the Consolidated Balance Sheets as shown below: December 31, 2023 December 31, 2022 (in millions) Assets Liabilities Assets Liabilities Current (1) Derivatives not designated as hedging instruments $ 1.1 $ 7.5 $ 18.8 $ 1.1 Total $ 1.1 $ 7.5 $ 18.8 $ 1.1 Noncurrent (2) Derivatives not designated as hedging instruments $ 22.2 $ 1.9 $ 66.0 $ 1.9 Total $ 22.2 $ 1.9 $ 66.0 $ 1.9 (1) Current assets and liabilities are presented in "Prepayments and other" and "Other accruals", respectively, on the Consolidated Balance Sheets. (2) Noncurrent assets and liabilities are presented in "Deferred charges and other" and "Other noncurrent liabilities and deferred credits", respectively, on the Consolidated Balance Sheets. |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present financial assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2023 and December 31, 2022: Recurring Fair Value Measurements December 31, 2023 ( in millions ) Quoted Prices Significant Other Significant Balance as of December 31, 2023 Assets Risk management assets $ — $ 23.3 $ — $ 23.3 Available-for-sale debt securities — 159.1 — 159.1 Total $ — $ 182.4 $ — $ 182.4 Liabilities Risk management liabilities $ — $ 9.4 $ — $ 9.4 Total $ — $ 9.4 $ — $ 9.4 Recurring Fair Value Measurements December 31, 2022 ( in millions ) Quoted Prices Significant Other Significant Balance as of December 31, 2022 Assets Risk management assets $ — $ 84.8 $ — $ 84.8 Available-for-sale debt securities — 151.6 — 151.6 Total $ — $ 236.4 $ — $ 236.4 Liabilities Risk management liabilities $ — $ 3.0 $ — $ 3.0 Total $ — $ 3.0 $ — $ 3.0 |
Debt Securities, Available-for-sale | The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of available-for-sale securities at December 31, 2023 and 2022 were: December 31, 2023 (in millions) Amortized Gross Gross Unrealized Losses (1) Allowance for Credit Losses Fair Value Available-for-sale debt securities U.S. Treasury debt securities $ 63.8 $ — $ (3.2) $ — $ 60.6 Corporate/Other debt securities 105.2 0.8 (6.9) (0.6) 98.5 Total $ 169.0 $ 0.8 $ (10.1) $ (0.6) $ 159.1 December 31, 2022 (in millions) Amortized Gross Gross Unrealized Losses (2) Allowance for Credit Losses Fair Value Available-for-sale debt securities U.S. Treasury debt securities $ 67.7 $ — $ (4.5) $ — $ 63.2 Corporate/Other debt securities 99.0 — (9.7) (0.9) 88.4 Total $ 166.7 $ — $ (14.2) $ (0.9) $ 151.6 (1) Fair value of U.S. Treasury debt securities and Corporate/Other debt securities in an unrealized loss position without an allowance for credit losses is $58.7 and $74.8 million, respectively, at December 31, 2023. (2) Fair value of U.S. Treasury debt securities and Corporate/Other debt securities in an unrealized loss position without an allowance for credit losses is $61.0 million and $85.5 million, respectively, at December 31, 2022. |
Carrying Amount And Estimated Fair Values Of Financial Instruments | The carrying amount and estimated fair values of these financial instruments were as follows: At December 31, (in millions) Carrying Amount 2023 Estimated Fair Value 2023 Carrying Amount 2022 Estimated Fair Value 2022 Long-term debt (including current portion) $ 11,079.3 $ 10,370.9 $ 9,553.6 $ 8,479.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Reasons Behind Differences In Computation Of Total Income Taxes | The following table represents a reconciliation of income tax expense at the statutory federal income tax rate to the actual income tax expense from continuing operations: Year Ended December 31, (in millions) 2023 2022 2021 Book income before income taxes $ 813.9 $ 956.4 $ 706.6 Tax expense at statutory federal income tax rate 170.8 21.0 % 200.8 21.0 % 148.3 21.0 % Increases (reductions) in taxes resulting from: State income taxes, net of federal income tax benefit 13.7 1.7 4.5 0.5 14.1 2.0 Amortization of regulatory liabilities (38.2) (4.7) (38.5) (4.0) (39.1) (5.5) Fines and penalties — — 0.3 — — — Employee stock ownership plan dividends and other compensation (1.3) (0.2) (1.2) (0.1) (1.2) (0.2) Tax accrual adjustments — — 0.2 — (0.1) — Federal tax credits (4.9) (0.6) (2.3) (0.2) (2.1) (0.3) Other adjustments (0.6) (0.1) 0.8 — (2.1) (0.3) Income Taxes $ 139.5 17.1 % $ 164.6 17.2 % $ 117.8 16.7 % |
Schedule Of Principal Components Of Net Deferred Tax Liability | Deferred income taxes result from temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The principal components of our net deferred tax liabilities were as follows: At December 31, (in millions) 2023 2022 Deferred tax liabilities Accelerated depreciation and other property differences $ 1,384.8 $ 2,473.6 Partnership basis differences 1,241.9 54.3 Other regulatory assets 212.1 348.4 Total Deferred Tax Liabilities 2,838.8 2,876.3 Deferred tax assets Other regulatory liabilities and deferred investment tax credits (including TCJA) 182.2 294.3 Pension and other postretirement/postemployment benefits 58.6 124.7 Loss and credit carryforwards 422.9 491.0 Environmental liabilities 10.1 20.7 Other accrued liabilities 40.3 55.9 Other, net 50.7 43.0 Total Deferred Tax Assets 764.8 1,029.6 Valuation Allowance (6.4) (7.8) Net Deferred Tax Assets 758.4 1,021.8 Net Deferred Tax Liabilities $ 2,080.4 $ 1,854.5 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: At December 31, 2023, (in millions) 2023 2022 2021 Opening Balance $ 21.7 $ 21.7 $ 21.7 Gross decreases - tax positions in prior period — — — Gross increases - current period tax positions — — — Ending Balance $ 21.7 $ 21.7 $ 21.7 Offset for net operating loss carryforwards (21.7) (21.7) (21.7) Balance, Less Net Operating Loss Carryforwards $ — $ — $ — |
Summary of Tax Credit Carryforwards | At December 31, 2023 (in millions) Deductible Amount Deferred Tax Asset Valuation Allowance Expiration Period Federal losses $ 1,642.4 $ 344.9 $ — 2037 Federal investment tax credits — 2.1 — 2043 Federal production tax credits — 0.8 — 2040-2043 Federal other credit — 15.7 — 2029-2043 State losses, net of federal benefit 2,371.7 95.1 (6.4) 2031-2037 Total $ 458.6 $ (6.4) |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Allocation of Plan Assets | December 31, 2023 Defined Benefit Pension Plan Postretirement Benefit Plan Asset Category Minimum Maximum Minimum Maximum Domestic Equities 10% 30% 0% 55% International Equities 5% 15% 0% 25% Fixed Income 65% 75% 20% 100% Real Estate 0% 0% 0% 0% Private Equity 0% 3% 0% 0% Short-Term Investments 0% 10% 0% 10% December 31, 2022 Defined Benefit Pension Plan Postretirement Benefit Plan Asset Category Minimum Maximum Minimum Maximum Domestic Equities 7% 27% 0% 55% International Equities 3% 13% 0% 25% Fixed Income 69% 81% 20% 100% Real Estate 0% 3% 0% 0% Private Equity 0% 3% 0% 0% Short-Term Investments 0% 10% 0% 10% The actual Pension Plan and Postretirement Plan Asset Mix at December 31, 2023 and December 31, 2022 are as follows: Defined Benefit Pension Assets (1) December 31, Postretirement December 31, Asset Class (in millions) Asset Value % of Total Assets Asset Value % of Total Assets Domestic Equities $ 261.7 18.3 % $ 93.7 39.6 % International Equities 141.9 9.9 % 40.7 17.2 % Fixed Income 939.9 65.9 % 97.0 41.0 % Real Estate 4.0 0.3 % — — Cash/Other 79.3 5.6 % 5.1 2.2 % Total $ 1,426.8 100.0 % $ 236.5 100.0 % Defined Benefit Pension Assets (1) December 31, Postretirement Benefit Plan Assets December 31, Asset Class (in millions) Asset Value % of Total Assets Asset Value % of Total Assets Domestic Equities $ 231.1 16.2 % $ 86.9 38.6 % International Equities 119.0 8.4 % 36.6 16.3 % Fixed Income 1,004.3 70.6 % 94.7 42.1 % Real Estate 5.0 0.3 % — — Cash/Other 63.4 4.5 % 6.7 3.0 % Total $ 1,422.8 100.0 % $ 224.9 100.0 % (1) Total includes accrued dividends and pending trades with brokers. |
Schedule Of Fair Value and Changes In The Fair Value Of The Plan Assets | Fair Value Measurements at December 31, 2023: (in millions) December 31, Quoted Prices in Active Markets for Significant Other Significant Pension plan assets: Cash $ 2.2 $ 2.0 $ 0.2 $ — Equity securities International equities 1.1 1.1 — — Fixed income securities Government 213.1 — 213.1 — Corporate 482.2 — 482.2 — Mortgages/ Asset Backed Securities 2.4 — 2.4 — Mutual Funds U.S. multi-strategy 113.1 113.1 — — International equities 38.5 38.5 — — Private equity limited partnerships (1) U.S. multi-strategy (2) 4.8 — — — International multi-strategy (3) 1.2 — — — Distressed opportunities 0.1 — — — Real estate (1) 4.0 — — — Commingled funds (1) Short-term money markets 65.3 — — — U.S. equities 148.5 — — — International equities 102.3 — — — Fixed income 242.2 — — — Pension plan assets subtotal $ 1,421.0 $ 154.7 $ 697.9 $ — Other postretirement benefit plan assets: Mutual funds U.S. multi-strategy 82.4 82.4 — — International equities 18.0 18.0 — — Fixed income 97.0 97.0 — — Commingled funds (1) Short-term money markets 5.2 — — — U.S. equities 11.4 — — — International equities 22.8 — — — Other postretirement benefit plan assets subtotal $ 236.8 $ 197.4 $ — $ — Due to brokers, net (4) (2.7) — (2.7) — Accrued income/dividends 8.5 8.5 — Total pension and other postretirement benefit plan assets $ 1,663.6 $ 360.6 $ 695.2 $ — (1)) This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy. (2) This class includes limited partnerships that invest in a diverse portfolio of private equity strategies, including buy-outs, growth capital, special situations and secondary markets, primarily inside the United States. (3) This class includes limited partnerships that invest a in diverse portfolio of private equity strategies, including buy-outs, growth capital, special situations and secondary markets, primarily outside the United States. (4) This class represents pending trades with brokers. The table below sets forth a summary of unfunded commitments, redemption frequency and redemption notice periods for certain investments that are measured at fair value using the net asset value per share for the year ended December 31, 2023: (in millions) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Commingled Funds Short-term money markets $ 70.5 $ — Daily 1 day U.S. equities 159.9 — Daily 1 day - 5 days International equities 125.1 — Monthly 10 days-30 days Fixed income 242.2 — Daily 3 days Private Equity and Real Estate Limited Partnerships (1) 10.1 11.6 N/A N/A Total $ 607.8 $ 11.6 (1) Private equity and real estate limited partnerships typically call capital over a 3-5 year period and pay out distributions as the underlying investments are liquidated. The typical expected life of these limited partnerships is 0-15 years, and these investments typically cannot be redeemed prior to liquidation. Fair Value Measurements at December 31, 2022: (in millions) December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Pension plan assets: Cash $ 2.5 $ 2.0 $ 0.5 $ — Equity securities International equities 0.5 0.5 — — Fixed income securities Government 316.3 — 316.3 — Corporate 407.8 — 407.8 — Mortgages/Asset backed securities 2.3 — 2.3 — Other fixed income 1.9 1.9 — — Mutual Funds U.S. multi-strategy 97.4 97.4 — — International equities 29.0 29.0 — — Fixed income 0.2 0.2 — — Private equity limited partnerships (1) U.S. multi-strategy (2) 6.3 — — — International multi-strategy (3) 2.3 — — — Distressed opportunities 0.1 — — — Real estate (1) 5.0 — — — Commingled funds (1) Short-term money markets 46.2 — — — U.S. equities 133.7 — — — International equities 89.6 — — — Fixed income 275.9 — — — Pension plan assets subtotal $ 1,417.0 $ 131.0 $ 726.9 $ — Other postretirement benefit plan assets: Mutual funds U.S. multi-strategy 76.2 76.2 — — International equities 16.3 16.3 — — Fixed income 94.7 94.7 — — Commingled funds (1) Short-term money markets 17.4 — — — U.S. equities 10.7 — — — International equities 20.3 — — — Other postretirement benefit plan assets subtotal $ 235.6 $ 187.2 $ — $ — Due to brokers, net (4) (2.0) — (2.0) — Receivables/payables (10.7) — (10.7) — Accrued income/dividends 7.8 7.8 — — Total pension and other postretirement benefit plan assets $ 1,647.7 $ 326.0 $ 714.2 $ — (1) This class of investments is measured at fair value using the net asset value per share and has not been classified in the fair value hierarchy. (2) This class includes limited partnerships/fund of funds that invest in a diverse portfolio of private equity strategies, including buy-outs, growth capital, special situations and secondary markets, primarily inside the United States. (3) This class includes limited partnerships/fund of funds that invest in diverse portfolio of private equity strategies, including buy-outs, growth capital, special situations and secondary markets, primarily outside the United States. (4) This class represents pending trades with brokers. The table below sets forth a summary of unfunded commitments, redemption frequency and redemption notice periods for certain investments that are measured at fair value using the net asset value per share for the year ended December 31, 2022: (in millions) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Commingled Funds Short-term money markets $ 63.6 $ — Daily 1 day U.S. equities 144.4 — Daily 1 day -5 days International equities 109.9 — Monthly 10 days - 30 days Fixed income 275.9 — Daily 3 days Private Equity and Real Estate Limited Partnerships (1) 13.7 11.6 N/A N/A Total $ 607.5 $ 11.6 (1) Private equity and real estate limited partnerships typically call capital over a 3-5 year period and pay out distributions as the underlying investments are liquidated. The typical expected life of these limited partnerships is 0-15 years, and these investments typically cannot be redeemed prior to liquidation. |
Schedule Of Reconciliation Of The Plan Funded Status | The following table provides a reconciliation of the plans’ funded status and amounts reflected in our Consolidated Balance Sheets at December 31 based on a December 31 measurement date: Pension Benefits Other Postretirement Benefits (in millions) 2023 2022 2023 2022 Change in projected benefit obligation (1) Benefit obligation at beginning of year $ 1,427.4 $ 1,852.4 $ 449.0 $ 556.2 Service cost 20.5 27.8 5.1 6.5 Interest cost 68.4 40.5 21.8 12.0 Plan participants’ contributions — — 4.2 4.1 Plan amendments — 0.2 3.4 2.1 Actuarial loss (gain) (2) 27.4 (318.7) 29.1 (89.9) Benefits paid (141.9) (174.8) (44.3) (42.3) Estimated benefits paid by incurred subsidy — — 0.5 0.3 Projected benefit obligation at end of year $ 1,401.8 $ 1,427.4 $ 468.8 $ 449.0 Change in plan assets Fair value of plan assets at beginning of year $ 1,422.8 $ 1,981.7 $ 224.9 $ 293.7 Actual return on plan assets 142.8 (386.8) 28.2 (51.9) Employer contributions 3.1 2.7 23.4 21.3 Plan participants’ contributions — — 4.3 4.1 Benefits paid (141.9) (174.8) (44.3) (42.3) Fair value of plan assets at end of year $ 1,426.8 $ 1,422.8 $ 236.5 $ 224.9 Funded Status at end of year $ 25.0 $ (4.6) $ (232.3) $ (224.1) Amounts recognized in the statement of financial position consist of: Noncurrent assets 44.1 18.3 — — Current liabilities (2.2) (2.6) (1.0) (1.0) Noncurrent liabilities (16.9) (20.3) (231.3) (223.1) Net amount recognized at end of year (3) $ 25.0 $ (4.6) $ (232.3) $ (224.1) Amounts recognized in accumulated other comprehensive income or regulatory asset/liability (4) Unrecognized prior service credit $ 0.3 $ 0.4 $ 2.1 $ (3.4) Unrecognized actuarial loss 500.4 564.2 76.6 64.0 Net amount recognized at end of year $ 500.7 $ 564.6 $ 78.7 $ 60.6 (1) The change in benefit obligation for Pension Benefits represents the change in Projected Benefit Obligation while the change in benefit obligation for Other Postretirement Benefits represents the change in accumulated postretirement benefit obligation. (2) The pension actuarial loss (gain) was primarily driven by the decrease in discount rates, interest rate movements. The postretirement benefit actuarial loss (gain) was also primarily driven by a decrease in discount rates and claims experience changes in trend rates. (3) We recognize our Consolidated Balance Sheets underfunded and overfunded status of our various defined benefit postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation. (4) We determined that for certain rate-regulated subsidiaries the future recovery of pension and other postretirement benefits costs is probable. These rate-regulated subsidiaries recorded regulatory assets and liabilities of $561.6 million and zero, respectively, as of December 31, 2023, and $607.5 million and zero, respectively, as of December 31, 2022 that would otherwise have been recorded to accumulated other comprehensive loss. |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | for pension plans with a projected benefit obligation in excess of plan assets: December 31, 2023 2022 Accumulated Benefit Obligation $ 19.1 $ 22.9 Funded Status Fair Value of Plan Assets $ — $ — Projected Benefit Obligation 19.1 22.9 Funded Status of Underfunded Pension Plans at End of Year $ (19.1) $ (22.9) The following table sets forth the year end accumulated benefit obligation, projected benefit obligation and fair value of plan assets for pension plans with plan assets in excess of the projected benefit obligation: December 31, 2023 2022 Accumulated Benefit Obligation $ 1,371.8 $ 1,393.8 Funded Status Fair Value of Plan Assets $ 1,426.8 $ 1,422.8 Projected Benefit Obligation 1,382.7 1,404.5 Funded Status of Overfunded Pension Plans at End of Year $ 44.1 $ 18.3 |
Schedule Of Expected Payments To Participants In Pension Plan | The expected benefits are estimated based on the same assumptions used to measure our benefit obligation at the end of the year and include benefits attributable to the estimated future service of employees: (in millions) Pension Benefits Other Federal Year(s) 2024 $ 144.8 $ 38.1 $ 0.2 2025 141.8 38.1 0.2 2026 135.0 37.5 0.2 2027 129.4 37.4 0.2 2028 125.1 37.0 0.2 2028-2032 548.0 176.0 0.9 |
Components Of The Plans' Net Periodic Benefits Cost | The following table provides the components of the plans’ actuarially determined net periodic benefits cost for each of the three years ended December 31, 2023, 2022 and 2021: Pension Benefits Other Postretirement (in millions) 2023 2022 2021 2023 2022 2021 Components of Net Periodic Benefit (Income) Cost (1) Service cost $ 20.5 $ 27.8 $ 30.2 $ 5.1 $ 6.5 $ 6.2 Interest cost 68.4 40.5 31.4 21.8 12.0 9.9 Expected return on assets (94.5) (90.8) (101.6) (15.1) (16.2) (15.3) Amortization of prior service cost (credit) 0.1 0.1 0.1 (2.1) (2.2) (2.2) Recognized actuarial loss 33.7 20.3 21.7 3.3 2.6 4.6 Settlement loss 9.2 12.4 11.4 — — — Total Net Periodic Benefits (Income) Cost $ 37.4 $ 10.3 $ (6.8) $ 13.0 $ 2.7 $ 3.2 (1) Service cost is presented in "Operation and maintenance" on the Statements of Consolidated Income. Non-service cost components are presented within "Other, net." |
Schedule Of Significant Actuarial Assumptions In Determining Funded Status Plan | The following table provides the key assumptions that were used to calculate the pension and other postretirement benefits obligations for our various plans as of December 31: Pension Benefits Other Postretirement Benefits 2023 2022 2023 2022 Weighted-average assumptions to Determine Benefit Obligation Discount Rate 4.95 % 5.14 % 4.98 % 5.17 % Rate of Compensation Increases 4.00 % 4.00 % N/A N/A Interest Crediting Rates 4.00 % 4.00 % N/A N/A Health Care Trend Rates Trend for Next Year N/A N/A 8.84 % 6.69 % Ultimate Trend N/A N/A 4.75 % 4.75 % Year Ultimate Trend Reached N/A N/A 2032 2032 The following table provides the key assumptions that were used to calculate the net periodic benefits cost for our various plans: Pension Benefits Other Postretirement 2023 2022 2021 2023 2022 2021 Weighted-average Assumptions to Determine Net Periodic Benefit Cost Discount rate - service cost 5.25 % 3.08 % 2.81 % 5.30 % 3.21 % 3.00 % Discount rate - interest cost 5.06 % 2.11 % 1.57 % 5.07 % 2.24 % 1.73 % Expected Long-Term Rate of Return on Plan Assets 7.00 % 4.80 % 5.20 % 6.96 % 5.72 % 5.50 % Rate of Compensation Increases 4.00 % 4.00 % 4.00 % N/A N/A N/A Interest Crediting Rates 4.00 % 4.00 % 4.00 % N/A N/A N/A |
Schedule Of Changes In Plan Assets And Projected Benefit Obligations Recognized In Other Comprehensive Income | The following table provides other changes in plan assets and projected benefit obligations recognized in other comprehensive income or regulatory asset or liability: Pension Benefits Other Postretirement (in millions) 2023 2022 2023 2022 Other Changes in Plan Assets and Projected Benefit Obligations Net prior service cost $ — $ 0.2 $ 3.3 $ 2.1 Net actuarial (gain) loss (20.9) 158.9 16.0 (21.8) Settlements/curtailments (9.2) (12.4) — — Less: amortization of prior service cost (0.1) (0.1) 2.1 2.2 Less: amortization of net actuarial loss (33.7) (20.3) (3.3) (2.6) Total Recognized in Other Comprehensive Income or Regulatory $ (63.9) $ 126.3 $ 18.1 $ (20.1) Amount Recognized in Net Periodic Benefits Cost and Other $ (26.5) $ 136.6 $ 31.1 $ (17.4) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Performance Award Details | The following table presents details of the performance awards described above. Award Year Service Conditions Lapse date Performance Period Award Conditions Shares outstanding at 12/31/2023 (shares) Grant Date Fair Value (in millions) 2023 2/28/2026 01/01/2023- 12/31/2025 Non-GAAP Financial and Operational Measures 488,515 $ 13.3 Relative Total Shareholder Return 162,815 $ 5.4 2022 2/28/2025 01/01/2022- 12/31/2024 Non-GAAP Financial Measure 235,120 $ 7.4 Relative Total Shareholder Return 235,120 $ 10.6 2021 2/28/2024 01/01/2021- 12/31/2023 Non-GAAP Financial Measure 186,427 $ 6.5 Relative Total Shareholder Return 186,427 $ 6.7 2/28/2024 01/01/2021- 12/31/2023 Relative Total Shareholder Return 87,268 $ 3.2 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Transactions Of Share Based Compensation Other Than Stock Options | (shares) Restricted Stock Weighted Average Non-vested at December 31, 2022 798,515 24.48 Granted 500,968 27.38 Forfeited (54,171) 25.32 Vested (178,396) 24.87 Non-vested at December 31, 2023 1,066,916 25.71 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Transactions Of Share Based Compensation Other Than Stock Options | (shares) Performance Weighted Average Non-vested at December 31, 2022 1,505,740 26.10 Granted 649,088 28.87 Forfeited (53,786) 28.29 Vested (542,533) 22.21 Non-vested at December 31, 2023 1,558,509 28.01 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease Cost | Income statement presentation for these costs (when ultimately recognized on the income statement) is also included: Year Ended December 31, (in millions) Income Statement Classification 2023 2022 Finance lease cost Amortization of right-of-use assets Depreciation and amortization $ 32.0 $ 31.9 Interest on lease liabilities Interest expense, net 8.6 8.5 Total finance lease cost 40.6 40.4 Operating lease cost Operation and maintenance 11.3 10.4 Total lease cost $ 51.9 $ 50.8 |
Right-of-Use Assets and Liabilities | Our right-of-use assets and liabilities are presented in the following lines on the Consolidated Balance Sheets: At December 31, (in millions) Balance Sheet Classification 2023 2022 Assets Finance leases Net Property, Plant and Equipment $ 184.3 $ 153.4 Operating leases Deferred charges and other 32.9 35.7 Total leased assets $ 217.2 189.1 Liabilities Current Finance leases Current portion of long-term debt $ 23.8 30.0 Operating leases Other accruals 8.3 4.8 Noncurrent Finance leases Long-term debt, excluding amounts due within one year 181.6 144.7 Operating leases Other noncurrent liabilities 25.8 31.9 Total lease liabilities $ 239.5 $ 211.4 |
Lease Information | Other pertinent information related to leases was as follows: Year Ended December 31, (in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for finance leases $ 9.3 $ 8.6 Operating cash flows used for operating leases 11.1 10.3 Financing cash flows used for finance leases 33.1 30.3 Right-of-use assets obtained in exchange for lease obligations Finance leases 64.5 19.3 Operating leases $ 5.6 $ 8.8 December 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) Finance leases 16.4 9.9 Operating leases 6.7 7.7 Weighted-average discount rate Finance leases 5.5 % 5.1 % Operating leases 4.3 % 4.0 % |
Lease Maturity | Maturities of our lease liabilities as of December 31, 2023 were as follows: As of December 31, 2023, (in millions) Total Finance Leases Operating Leases 2024 $ 44.4 $ 34.8 $ 9.6 2025 36.6 30.7 5.9 2026 31.1 25.7 5.4 2027 25.2 20.6 4.6 2028 22.5 19.3 3.2 Thereafter 201.7 190.7 11.0 Total lease payments 361.5 321.8 39.7 Less: Imputed interest (122.0) (116.4) (5.6) Total $ 239.5 $ 205.4 $ 34.1 Reported as of December 31, 2023 Short-term lease liabilities 32.1 23.8 8.3 Long-term lease liabilities 207.4 181.6 25.8 Total lease liabilities $ 239.5 $ 205.4 $ 34.1 |
Other Commitments And Conting_2
Other Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity | Contractual Obligations . We have certain contractual obligations requiring payments at specified periods. The obligations include long-term debt, lease obligations, energy commodity contracts and obligations for various services including pipeline capacity and outsourcing of IT services. The total contractual obligations in existence at December 31, 2023 and their maturities were: (in millions) Total 2024 2025 2026 2027 2028 After Long-term debt (1) $ 10,955.0 $ — $ 1,260.0 $ — $ 1,090.0 $ 1,055.0 $ 7,550.0 Interest payments on long-term debt 6,017.8 431.1 431.1 418.5 399.1 349.0 3,989.0 Finance leases (2) 321.8 34.8 30.7 25.7 20.6 19.3 190.7 Operating leases (3) 39.7 9.6 5.9 5.4 4.6 3.2 11.0 Energy commodity contracts 153.9 114.7 39.2 — — — — Service obligations: Pipeline service obligations 2,196.6 652.0 485.7 406.3 388.7 162.3 101.6 IT service obligations 161.8 83.6 57.2 16.7 4.3 — — Other liabilities (4) 98.3 62.8 5.8 5.2 5.2 5.2 14.1 Total contractual obligations $ 19,944.9 $ 1,388.6 $ 2,315.6 $ 877.8 $ 1,912.5 $ 1,594.0 $ 11,856.4 (1) Long-term debt balance excludes unamortized issuance costs and discounts of $81.1 million. (2) Finance lease payments shown above are inclusive of interest totaling $116.4 million. (3) Operating lease payments shown above are inclusive of interest totaling $5.6 million. Operating lease balances do not include obligations for possible fleet vehicle lease renewals beyond the initial lease term. While we have the ability to renew these leases beyond the initial term, we are not reasonably certain to do so as they are renewed month-to-month after the first year. (4) Other liabilities shown above are primarily related to the Indiana Crossroads Solar and Dunns Bridge I Developer payments due in 2024 and ongoing maintenance service agreements for our renewable joint ventures. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Components of Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table displays the activity of Accumulated Other Comprehensive Loss, net of tax: (in millions) Gains and Losses on Securities (1) Gains and Losses on Cash Flow Hedges (1) Pension and OPEB Items (1) Accumulated Other Comprehensive Loss (1) Balance as of January 1, 2021 $ 6.0 $ (147.9) $ (14.8) $ (156.7) Other comprehensive (loss) income before reclassifications (3.5) 25.3 6.6 28.4 Amounts reclassified from accumulated other comprehensive loss (0.4) 0.1 1.8 1.5 Net current-period other comprehensive (loss) income (3.9) 25.4 8.4 29.9 Balance as of December 31, 2021 $ 2.1 $ (122.5) $ (6.4) $ (126.8) Other comprehensive (loss) income before reclassifications (13.7) 109.7 (8.9) 87.1 Amounts reclassified from accumulated other comprehensive loss 0.4 0.2 2.0 2.6 Net current-period other comprehensive (loss) income (13.3) 109.9 (6.9) 89.7 Balance as of December 31, 2022 $ (11.2) $ (12.6) $ (13.3) $ (37.1) Other comprehensive income (loss) before reclassifications 3.1 (0.5) (1.4) 1.2 Amounts reclassified from accumulated other comprehensive loss 0.8 0.3 1.2 2.3 Net current-period other comprehensive income (loss) 3.9 (0.2) (0.2) 3.5 Balance as of December 31, 2023 $ (7.3) $ (12.8) $ (13.5) $ (33.6) (1) All amounts are net of tax. Amounts in parentheses indicate debits. |
Segments Of Business (Tables)
Segments Of Business (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Operating Income Derived From Revenues And Expenses By Segment | Year Ended December 31, (in millions) 2023 2022 2021 Operating Revenues Gas Distribution Operations Unaffiliated $ 3,720.4 $ 4,007.2 $ 3,171.2 Intersegment 12.3 12.6 12.3 Total 3,732.7 4,019.8 3,183.5 Electric Operations Unaffiliated 1,784.2 1,830.9 1,696.3 Intersegment 0.8 0.8 0.8 Total 1,785.0 1,831.7 1,697.1 Corporate and Other Unaffiliated 0.8 12.5 32.1 Intersegment 503.8 465.0 460.3 Total 504.6 477.5 492.4 Eliminations (516.9) (478.4) (473.4) Consolidated Operating Revenues $ 5,505.4 $ 5,850.6 $ 4,899.6 Year Ended December 31, (in millions) 2023 2022 2021 Operating Income (Loss) Gas Distribution Operations $ 901.9 $ 915.8 $ 617.5 Electric Operations 378.7 362.4 387.8 Corporate and Other 14.9 (12.4) 1.6 Consolidated Operating Income $ 1,295.5 $ 1,265.8 $ 1,006.9 Depreciation and Amortization Gas Distribution Operations $ 464.6 $ 415.9 $ 383.0 Electric Operations 400.9 362.9 329.4 Corporate and Other 42.7 42.0 36.0 Consolidated Depreciation and Amortization $ 908.2 $ 820.8 $ 748.4 Assets Gas Distribution Operations $ 18,122.8 $ 16,986.5 $ 15,153.7 Electric Operations 9,250.5 7,992.6 7,178.9 Corporate and Other 3,703.9 1,757.5 1,824.3 Consolidated Assets $ 31,077.2 $ 26,736.6 $ 24,156.9 Capital Expenditures (1) Gas Distribution Operations $ 1,715.2 $ 1,682.3 $ 1,406.4 Electric Operations 739.2 574.5 517.4 Corporate and Other 236.3 41.2 16.6 Consolidated Capital Expenditures $ 2,690.7 $ 2,298.0 $ 1,940.4 (1) Amounts differ from those presented on the Statements of Consolidated Cash Flows primarily due to the inclusion of capital expenditures in current liabilities, the capitalized portion of the Corporate Incentive Plan payout, and AFUDC Equity. |
Other, Net (Tables)
Other, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule Of Other, Net | The following table displays the components of Other, Net included on the Statements of Consolidated Income: Year Ended December 31, (in millions) 2023 2022 2021 Interest income $ 9.0 $ 4.3 $ 4.0 AFUDC equity 25.2 15.1 13.1 Charitable contributions (1.8) (4.4) (11.5) Pension and other postretirement non-service cost (1) (24.0) 27.6 35.5 Interest rate swap settlement gain — 10.0 — Miscellaneous (0.4) (0.4) (0.3) Total Other, net $ 8.0 $ 52.2 $ 40.8 (1) See Note 16, "Pension and Other Postemployment Benefits," for additional information. |
Interest Expense, Net (Tables)
Interest Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Interest Expense [Abstract] | |
Schedule Of Interest Expense, Net | Year Ended December 31, (in millions) 2023 2022 2021 Interest on long-term debt $ 404.1 $ 344.5 $ 336.4 Interest on short-term borrowings 108.9 22.7 0.6 Debt discount/cost amortization 13.5 11.7 11.0 Accounts receivable securitization fees 2.7 2.5 1.4 Allowance for borrowed funds used and interest capitalized during construction (25.3) (6.7) (4.6) Debt-based post-in-service carrying charges (30.7) (21.1) (14.7) Other 16.4 8.0 11.0 Total Interest Expense, net $ 489.6 $ 361.6 $ 341.1 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table provides additional information regarding our Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (in millions) 2023 2022 2021 Supplemental Disclosures of Cash Flow Information Non-cash transactions: Capital expenditures included in current liabilities $ 315.0 $ 275.1 $ 245.7 Assets acquired under a finance lease 64.5 19.3 22.4 Assets acquired under an operating lease 5.6 8.8 6.0 Reclassification of other property to regulatory assets (1) — — 607.6 Assets recorded for asset retirement obligations (2) 61.1 6.3 12.0 Obligation to developer at formation of JV (3) — — 277.5 Purchase contract liability, net of fees and payments (4) — 65.0 129.4 Schedule of interest and income taxes paid: Cash paid for interest on debt, net of interest capitalized amounts $ 433.9 $ 343.8 $ 322.4 Cash paid for interest on finance leases 8.6 8.5 9.4 Cash paid for income taxes, net of refunds 9.4 7.2 5.4 (1) See Note 12, "Regulatory Matters," for additional information. (2) See Note 11, "Asset Retirement Obligations," for additional information. (3) Represents investing non-cash activity. See Note 4, "Noncontrolling Interest," for additional information. (4) Refer to Note 6, "Equity," for additional information. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | NISOURCE INC. SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Twelve months ended December 31, 2023 Additions ($ in millions) Balance Jan. 1, 2023 Charged to Costs and Expenses Charged to Other Account (1) Deductions for Purposes for which Reserves were Created Balance Dec. 31, 2023 Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: Reserve for accounts receivable $ 23.9 $ 23.4 $ 36.6 $ 61.0 $ 22.9 Reserve for deferred charges and other 1.0 — 0.3 — 1.3 Twelve months ended December 31, 2022 Additions ($ in millions) Balance Jan. 1, 2022 Charged to Costs and Expenses Charged to Other Account (1) Deductions for Purposes for which Reserves were Created Balance Dec. 31, 2022 Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: Reserve for accounts receivable $ 23.5 $ 20.6 $ 36.4 $ 56.6 $ 23.9 Reserve for deferred charges and other 2.3 — (1.3) — 1.0 Twelve months ended December 31, 2021 Additions ($ in millions) Balance Charged to Costs and Expenses Charged to Other Account (1) Deductions for Purposes for which Reserves were Created Balance Reserves Deducted in Consolidated Balance Sheet from Assets to Which They Apply: Reserve for accounts receivable $ 52.3 $ 18.3 $ 6.4 $ 53.5 $ 23.5 Reserve for deferred charges and other — — 2.3 — 2.3 (1) Charged to Other Accounts reflects the deferral of bad debt expense to a regulatory asset or the movement of the reserve between short term and long term. |
Nature of Operations And Summ_3
Nature of Operations And Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Basis Of Accounting Presentation [Line Items] | |||
Number of customers | 3,800,000 | ||
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | $ 0 |
Pre-tax rate for allowance for funds used during construction | 3.90% | 3.40% | 3.30% |
Inventory valued using LIFO | $ 43.9 | $ 43 | |
Excess of replacement over LIFO value | (22.5) | (7.7) | |
Inventory valued using the weighted average cost methodology | $ 222 | $ 488.7 |
Recently Adopted Pronouncements
Recently Adopted Pronouncements (Details) - Accounting Standards Update 2022-04 | 12 Months Ended |
Dec. 31, 2023 | |
Recently Adopted Accounting Pronouncements [Line Items] | |
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2022-04 |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Service Area By County | 20 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Customer revenues | $ 5,347.8 | $ 5,738.6 | $ 4,731.3 |
Other revenues | 157.6 | 112 | 168.3 |
Total Operating Revenues | 5,505.4 | 5,850.6 | 4,899.6 |
Gas Distribution Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 3,646.8 | 4,003.1 | 3,126.1 |
Other revenues | 73.6 | 4.1 | 45.1 |
Total Operating Revenues | 3,720.4 | 4,007.2 | 3,171.2 |
Electric Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 1,701 | 1,735.5 | 1,604.4 |
Other revenues | 83.2 | 95.4 | 91.9 |
Total Operating Revenues | 1,784.2 | 1,830.9 | 1,696.3 |
Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 0 | 0 | 0.8 |
Other revenues | 0.8 | 12.5 | 31.3 |
Total Operating Revenues | 0.8 | 12.5 | 32.1 |
Residential | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 3,046.4 | 3,202.1 | 2,677.3 |
Residential | Gas Distribution Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 2,462.5 | 2,609.7 | 2,109.4 |
Residential | Electric Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 583.9 | 592.4 | 567.9 |
Residential | Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 0 | 0 | 0 |
Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 1,426 | 1,510.6 | 1,257.3 |
Commercial | Gas Distribution Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 847.9 | 939.6 | 722.4 |
Commercial | Electric Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 578.1 | 571 | 534.9 |
Commercial | Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 0 | 0 | 0 |
Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 700.1 | 781.2 | 689.1 |
Industrial | Gas Distribution Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 226 | 220.6 | 195.7 |
Industrial | Electric Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 474.1 | 560.6 | 493.4 |
Industrial | Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 0 | 0 | 0 |
Off-system | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 60.6 | 192.9 | 71.3 |
Off-system | Gas Distribution Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 60.6 | 192.9 | 71.3 |
Off-system | Electric Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 0 | 0 | 0 |
Off-system | Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 0 | 0 | 0 |
Miscellaneous | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 69.6 | 24.1 | 6.7 |
Miscellaneous | Gas Distribution Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 48.2 | 38.2 | 25.9 |
Miscellaneous | Electric Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 21.4 | (14.1) | (20) |
Miscellaneous | Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 0 | 0 | 0.8 |
Wholesale | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 33.6 | 15.6 | 17.1 |
Wholesale | Gas Distribution Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 1.6 | 2.1 | 1.4 |
Wholesale | Electric Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 32 | 13.5 | 15.7 |
Wholesale | Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 0 | 0 | 0 |
Public Authority | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 11.5 | 12.1 | 12.5 |
Public Authority | Gas Distribution Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 0 | 0 | 0 |
Public Authority | Electric Operations | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | 11.5 | 12.1 | 12.5 |
Public Authority | Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Customer revenues | $ 0 | $ 0 | $ 0 |
Revenue Recognition (Customer A
Revenue Recognition (Customer Accounts Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue Recognition [Abstract] | ||
Customer Accounts Receivable, Billed (Less Reserve) | $ 479.4 | $ 560.5 |
Customer Accounts Receivable, Unbilled (Less Reserve) | $ 337.6 | $ 453 |
Revenue Recognition (Allowance
Revenue Recognition (Allowance for Credit Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for Credit Loss | $ 22.9 | $ 23.9 | $ 23.5 |
Current period provisions | 39.8 | 36 | |
Write-offs charged against allowance | (61.6) | (57.4) | |
Recoveries of amounts previously written off | 20.8 | 21.8 | |
Gas Distribution Operations | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for Credit Loss | 16 | 17.2 | 18.9 |
Current period provisions | 33.8 | 29.1 | |
Write-offs charged against allowance | (55.4) | (52.1) | |
Recoveries of amounts previously written off | 20.4 | 21.3 | |
Electric Operations | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for Credit Loss | 6.1 | 5.9 | 3.8 |
Current period provisions | 6 | 6.9 | |
Write-offs charged against allowance | (6.2) | (5.3) | |
Recoveries of amounts previously written off | 0.4 | 0.5 | |
Corporate and Other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for Credit Loss | 0.8 | 0.8 | $ 0.8 |
Current period provisions | 0 | 0 | |
Write-offs charged against allowance | 0 | 0 | |
Recoveries of amounts previously written off | $ 0 | $ 0 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jun. 17, 2023 USD ($) Rate | Aug. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 MW | Dec. 31, 2023 Rate | Dec. 31, 2023 | |
Variable Interest Entity [Line Items] | ||||||||
Wind Power Purchase Agreement, Purchase Percentage | Rate | 100% | |||||||
Milestone and final payments to renewable generation asset developer | $ 761.4 | $ 323.9 | $ 240.4 | |||||
Obligation to the Developer | 0 | 0 | 277.5 | |||||
Income Taxes | 139.5 | 164.6 | $ 117.8 | |||||
Payments to Acquire Assets, Investing Activities | $ 307.2 | |||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 389.2 | |||||||
Business Combination, Price of Acquisition, Expected | $ 2,150 | |||||||
Business Acquisition, Transaction Costs | 54.7 | |||||||
Proceeds from Contributed Capital | 2,160 | |||||||
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount | 1,360 | |||||||
Other Current Liabilities | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Other Accrued Liabilities | 47.6 | |||||||
NIPSCO Holdings II | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Subsidiary, Ownership Percentage, Parent | Rate | 19.90% | |||||||
NiSource | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Subsidiary, Ownership Percentage, Parent | 80.10% | 80.10% | ||||||
Rosewater | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Nameplate Capacity | MW | 102 | |||||||
Indiana Crossroads Wind | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Nameplate Capacity | MW | 302 | |||||||
Indiana Crossroads Solar | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Nameplate Capacity | MW | 465 | |||||||
Dunns Bridge I | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Nameplate Capacity | MW | 465 | |||||||
Consolidated Variable Interest Entities | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Obligation to the Developer | 347.2 | |||||||
Interest paid to developer | $ 42 | |||||||
Income Taxes | 63.5 | |||||||
NIPSCO's Cash Contribution | $ 401.5 |
Variable Interest Entities (Sch
Variable Interest Entities (Schedule of Noncontrolling Interest) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Redeemable Noncontrolling Interest [Line Items] | ||
Noncontrolling interest in consolidated subsidiaries | $ 1,866.7 | $ 326.4 |
Variable Interest Entities (S_2
Variable Interest Entities (Schedule of Net Income Attributable to Noncontrolling Interest) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Income Attributable to noncontrolling [Line Items] | |
Net (loss) income attributable to noncontrolling interest | $ 3.9 |
Variable Interest Entities (S_3
Variable Interest Entities (Schedule of Cash Contributions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Contributions Noncontrolling Interest [Line Items] | |||
Obligation to the Developer | $ 0 | $ 0 | $ 277.5 |
Consolidated Variable Interest Entities | |||
Cash Contributions Noncontrolling Interest [Line Items] | |||
NIPSCO's Cash Contribution | 401.5 | ||
Tax Equity Partners Cash Contribution | $ 507.2 | ||
Obligation to the Developer | $ 347.2 |
Variable Interest Entities (S_4
Variable Interest Entities (Schedule of VIE Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
VIE Assets and Liabilities [Abstract] | ||||
Net Property, Plant and Equipment | $ 22,274.9 | $ 19,842.6 | ||
Current assets | [1] | 4,499.4 | 2,584.3 | |
Total Assets | 31,077.2 | 26,736.6 | $ 24,156.9 | |
Current liabilities | 5,265.1 | 4,660.5 | ||
Asset retirement obligations | 480.5 | 478.1 | ||
Other noncurrent liabilities | 298.6 | 296.8 | ||
Consolidated Variable Interest Entities | ||||
VIE Assets and Liabilities [Abstract] | ||||
Net Property, Plant and Equipment | 1,369.8 | 978.5 | ||
Current assets | 63.6 | 25.7 | ||
Total Assets | 1,433.4 | 1,004.2 | ||
Current liabilities | 68.3 | 128.2 | ||
Asset retirement obligations | 55.7 | 30.6 | ||
Total liabilities | $ 124 | $ 158.8 | ||
[1] (1) Includes $1,369.8 million and $978.5 million in 2023 and 2022, respectively, of net property, plant and equipment assets and $63.6 million and $25.7 million in 2023 and 2022, respectively, of current assets of consolidated VIEs that may be used only to settle obligations of the consolidated VIEs. Refer to Note 4, "Noncontrolling Interest," for additional information. |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net Income Available to Common Shareholders | $ 661.7 | $ 749 | $ 529.8 |
Add: Dilutive effect of Equity Units | 1.4 | 2 | 1.6 |
Net Income Available to Common Shareholders - Diluted | $ 662.5 | $ 751 | $ 531.4 |
Average common shares outstanding - Basic | 416,100 | 407,100 | 393,600 |
Equity Units purchase contracts | 29,800 | 30,200 | 22,000 |
Incremental Common Shares Attributable to Dilutive Effect of Equity Unit Purchase Agreements | 900 | 3,200 | 0 |
Shares contingently issuable under employee stock plans | 700 | 900 | 800 |
Shares restricted under employee stock plans | 400 | 500 | 300 |
ATM Forward agreements | 0 | 800 | 600 |
Average Common Shares - Diluted | 447,900 | 442,700 | 417,300 |
Basic Earnings Per Share | $ 1.59 | $ 1.84 | $ 1.35 |
Diluted Earnings Per Share | $ 1.48 | $ 1.70 | $ 1.27 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | $ 0.6 | $ 0 | $ 0 |
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic | $ 661.1 | $ 749 | $ 529.8 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Jun. 11, 2018 | Dec. 31, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 01, 2023 | Jun. 15, 2023 | Apr. 19, 2021 | Feb. 22, 2021 | Dec. 05, 2018 | |
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||
Common Stock Aggregate Sale Price | $ 750 | |||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ (393.9) | $ 0 | $ 0 | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||||
Net Process from Sale | $ 835.5 | |||||||||
Equity Units Stock Purchase Contract Liability Payment | $ 66.8 | |||||||||
Purchase Contract Liability | $ 0 | $ 65 | $ 129.4 | $ 168.8 | ||||||
Equity Units purchase contracts | 29,800,000 | 30,200,000 | 22,000,000 | |||||||
Excise and Sales Taxes | $ 3.6 | |||||||||
Preferred Stock, Shares Outstanding | 40,000 | 1,302,500 | ||||||||
Series A Corporate Units | ||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||
Shares Issued, Price Per Share | $ 100 | |||||||||
Corporate Units Contract Annual Rate | 7.75% | |||||||||
Series A Preferred Stock | ||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.65% | |||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 | ||||||||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ 1 | |||||||||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | $ 2.51 | |||||||||
Preferred Stock, Liquidation Preference, Value | $ 400 | $ 400 | $ 400 | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |||||||||
Preferred Stock Shares Redeemed | 400,000 | |||||||||
Preferred Stock, Redemption Amount | $ 400 | |||||||||
Preferred Stock, Shares Outstanding | 400,000 | 0 | ||||||||
Series B Preferred Stock | ||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.50% | |||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | |||||||||
Preferred Stock, Dividend Rate, Initial Margin | 3.632% | |||||||||
Preferred Stock, Dividend Rate, Initial Margin Plus 1.000% | 1% | |||||||||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ 1.4 | |||||||||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | $ 72.23 | |||||||||
Preferred Stock Depositary Shares Issued | 20,000,000 | |||||||||
Preferred Stock, Liquidation Preference, Value | $ 500 | $ 500 | $ 500 | |||||||
Depositary Stock Liquidation Preference | $ 25 | |||||||||
Preferred Stock, Shares Outstanding | 20,000 | |||||||||
Series B-1 Preferred Stock | ||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||
Preferred Stock, Shares Issued | 20,000 | |||||||||
Series C Preferred Stock | ||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | |||||||||
Preferred Stock, Liquidation Preference, Value | $ 863 | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |||||||||
Undivided Beneficial Ownership Interest, Percent | 10% | |||||||||
Common Stock, Shares, Issued | 33,898,837 | |||||||||
Preferred Stock, Shares Outstanding | 0 | |||||||||
Gross Proceeds | Series A Preferred Stock | ||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 400 | |||||||||
Gross Proceeds | Series B Preferred Stock | ||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 500 | |||||||||
Preferred Stock | Series A Preferred Stock | ||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 393.9 | |||||||||
Preferred Stock | Net Proceeds | Series B Preferred Stock | ||||||||||
Forward Contract Indexed to Issuer's Equity [Line Items] | ||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 486.1 |
Equity (Schedule of Stock Offer
Equity (Schedule of Stock Offering Program) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
At The Market Stock Offering [Line Items] | |||
Proceeds, net of fees (in millions) | $ 12.9 | $ 154.3 | $ 299.6 |
At The Market Program | |||
At The Market Stock Offering [Line Items] | |||
Number of shares issued | 0 | 5,941,598 | |
Average price per share | $ 0 | $ 25.25 | |
Proceeds, net of fees (in millions) | $ 0 | $ 141.9 |
Equity (Schedule of Stock by Cl
Equity (Schedule of Stock by Class - Preferred) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 15, 2023 | Jun. 11, 2018 | |
Class of Stock [Line Items] | |||||
Preferred Stock, Shares Outstanding | 40,000 | 1,302,500 | |||
Preferred Stock, Value, Outstanding | $ 486.1 | $ 1,546.5 | |||
Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 | |||
Preferred Stock, Shares Outstanding | 0 | 400,000 | |||
Preferred Stock, Dividends Per Share, Declared | $ 28.25 | $ 56.50 | $ 56.50 | ||
Preferred Stock, Value, Outstanding | $ 0 | $ 393.9 | |||
Series B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | ||||
Preferred Stock, Shares Outstanding | 20,000 | ||||
Preferred Stock, Dividends Per Share, Declared | $ 1,625 | $ 1,625 | 1,625 | ||
Preferred Stock, Value, Outstanding | $ 486.1 | $ 486.1 | |||
Series C Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||
Preferred Stock, Shares Outstanding | 0 | ||||
Preferred Stock, Dividends Per Share, Declared | $ 0 | $ 0 | $ 0 | ||
Preferred Stock, Value, Outstanding | $ 0 | $ 666.5 |
Equity (Schedule of Equity Unit
Equity (Schedule of Equity Units) (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | |||
Apr. 19, 2021 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | |
Equity Units [Line Items] | ||||
Net Process from Sale | $ 835.5 | |||
Purchase Contract Liability | 168.8 | $ 65 | $ 0 | $ 129.4 |
Payments of Stock Issuance Costs | $ 27 | |||
Equity Units Stock Purchase Contract Liability Payment | $ 66.8 | |||
Series A Corporate Units | ||||
Equity Units [Line Items] | ||||
Number of shares issued | 8,625 | |||
Corporate Units Contract Annual Rate | 7.75% | |||
Preferred Stock | ||||
Equity Units [Line Items] | ||||
Payments of Stock Issuance Costs | $ 22.5 | |||
Purchase Contract Liability | ||||
Equity Units [Line Items] | ||||
Payments of Stock Issuance Costs | $ 4.5 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 09, 2024 | Jan. 03, 2024 | Dec. 06, 2023 | Nov. 09, 2023 | |
Short-term Debt [Line Items] | |||||||
Line of Credit Facility, Amount Outstanding | $ 0 | $ 0 | |||||
Commercial paper outstanding | 1,061,000,000 | 415,000,000 | |||||
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 337,600,000 | 347,200,000 | |||||
Cash from financing activities | 9,600,000 | 347,200,000 | |||||
Accounts receivable securitization fees | 2,700,000 | 2,500,000 | $ 1,400,000 | ||||
Termination Loans | 1,000,000,000 | 1,000,000,000 | $ 400,000,000 | $ 250,000,000 | |||
Additional Term Credit | $ 650,000,000 | ||||||
Second TCA Debt Interest Rate | 6.50% | ||||||
Termination Loans | $ 1,000,000,000 | $ 1,000,000,000 | $ 400,000,000 | $ 250,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.41% | 5.37% | |||||
Subsequent Event | |||||||
Short-term Debt [Line Items] | |||||||
Termination Loans | $ 1 | ||||||
Additional Term Credit | 650,000,000 | ||||||
Termination Loans | $ 1 | ||||||
Accounts Receivable Program | |||||||
Short-term Debt [Line Items] | |||||||
Seasonal Limit | $ 383,900,000 | ||||||
Commercial Paper | |||||||
Short-term Debt [Line Items] | |||||||
Revolving credit facility, maximum | $ 1,500,000,000 | ||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 5.65% | 4.60% | |||||
Commercial Paper | Subsequent Event | |||||||
Short-term Debt [Line Items] | |||||||
Revolving credit facility, maximum | $ 1,850,000,000 | ||||||
Revolving Credit Facility | |||||||
Short-term Debt [Line Items] | |||||||
Revolving credit facility, maximum | $ 1,850,000,000 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Jun. 08, 2023 | Mar. 24, 2023 | Jun. 07, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Aug. 30, 2022 | Apr. 01, 2022 | |
Debt Instrument [Line Items] | |||||||
Senior Notes | $ 10,853 | $ 9,353 | |||||
Interest rate on debt | 6.41% | 5.37% | |||||
Debt Instrument, Convertible, Conversion Ratio | 58.20% | ||||||
Security interest and other subset of asset | $ 200 | ||||||
Asset sale covenant percentage of consolidated total assets | 15% | ||||||
Cross default provision on default relating to any indebtedness | $ 75 | ||||||
Percentage of additional subset of assets capped | 10% | ||||||
Revolving credit percentage requirement in NIPSCO | 70% | ||||||
NiSource | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes | $ 450 | ||||||
NiSource | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes | $ 300 | $ 750 | $ 350 | $ 1,050 | |||
Debt, Weighted Average Interest Rate | 5.25% | 5.25% | 5% | ||||
Proceeds from Debt, Net of Issuance Costs | $ 742.5 | $ 742.2 | $ 344.6 | ||||
NiSource | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Medium-term Notes, Current | $ 10 | $ 20 | |||||
Debt, Weighted Average Interest Rate | 7.99% | 7.40% | 7.99% | ||||
NiSource | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt, Weighted Average Interest Rate | 5.40% | ||||||
NIPSCO | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt, Weighted Average Interest Rate | 7.64% | ||||||
Columbia Of Massachusetts | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt, Weighted Average Interest Rate | 6.37% | ||||||
Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Cross default provision on default relating to any indebtedness | $ 50 | ||||||
Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Cross default provision on default relating to any indebtedness | $ 5 | ||||||
Revolving Credit Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Convertible, Conversion Ratio | 70% |
Long-Term Debt (Schedule of Con
Long-Term Debt (Schedule of Consolidated Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Jun. 08, 2023 | Dec. 31, 2022 | Aug. 30, 2022 | Apr. 01, 2022 |
Debt Instrument [Line Items] | |||||
Medium-Term Notes | $ 102 | $ 102 | |||
Finance Lease, Liability | 205.4 | 174.7 | |||
Senior Notes | 10,853 | 9,353 | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (81.1) | (76.1) | |||
Long-term Debt, Excluding Current Maturities | $ 11,079.3 | 9,553.6 | |||
NiSource | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 450 | ||||
NiSource | 0.95% Notes Due 2025 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 0.95% | ||||
Senior Notes | $ 1,250 | 1,250 | |||
NiSource | 3.49% Notes due 2027 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 3.49% | ||||
Senior Notes | $ 1,000 | 1,000 | |||
NiSource | 6.78% Notes Due 2027 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 6.78% | ||||
Senior Notes | $ 3 | 3 | |||
NiSource | 2.95% Notes Due 2029 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 2.95% | ||||
Senior Notes | $ 750 | 750 | |||
NiSource | 3.60% Notes Due 2030 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 3.60% | ||||
Senior Notes | $ 1,000 | 1,000 | |||
NiSource | 1.70% Notes Due 2031 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 1.70% | ||||
Senior Notes | $ 750 | 750 | |||
NiSource | 6.25% Notes Due 2040 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 6.25% | ||||
Senior Notes | $ 152.6 | 152.6 | |||
NiSource | 5.95% Notes Due 2041 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 5.95% | ||||
Senior Notes | $ 347.4 | 347.4 | |||
NiSource | 5.80% Notes Due 2042 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 5.80% | ||||
Senior Notes | $ 250 | 250 | |||
NiSource | 5.25% Notes Due 2043 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 5.25% | ||||
Senior Notes | $ 500 | 500 | |||
NiSource | 4.80% Notes due 2044 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 4.80% | ||||
Senior Notes | $ 750 | 750 | |||
NiSource | 5.65% Notes Due 2045 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 5.65% | ||||
Senior Notes | $ 500 | 500 | |||
NiSource | 4.375% Notes due 2047 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 4.38% | ||||
Senior Notes | $ 1,000 | 1,000 | |||
NiSource | 3.95% Notes Due 2048 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 3.95% | ||||
Senior Notes | $ 750 | 750 | |||
NiSource | Medium-term Notes | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 7.99% | 7.40% | 7.99% | ||
Medium-Term Notes | $ 29 | 29 | |||
NiSource | 5.00% Notes Due 2052 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 5% | ||||
Senior Notes | $ 350 | 350 | |||
NiSource | 5.25% Notes Due 2028 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 5.25% | ||||
Senior Notes | $ 1,050 | 0 | |||
NiSource | 5.40% Notes Due 2033 | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 5.40% | ||||
Senior Notes | $ 450 | 0 | |||
Columbia Of Massachusetts | Medium-term Notes | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 6.37% | ||||
Medium-Term Notes | $ 15 | 15 | |||
NIPSCO | Medium-term Notes | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 7.64% | ||||
Medium-Term Notes | $ 58 | 58 | |||
NIPSCO | Finance Leases | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 4.77% | ||||
Finance Lease, Liability | $ 61.2 | 16.5 | |||
Columbia Of Ohio | Finance Leases | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 6.16% | ||||
Finance Lease, Liability | $ 90.3 | 83.5 | |||
NiSource Corporate Services | Finance Leases | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 2.89% | ||||
Finance Lease, Liability | $ 30.5 | 48.6 | |||
Columbia Of Virginia | Finance Leases | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 6.23% | ||||
Finance Lease, Liability | $ 16.1 | 17 | |||
Columbia Of Kentucky | Finance Leases | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 3.79% | ||||
Finance Lease, Liability | $ 0.2 | 0.2 | |||
Columbia Of Pennsylvania | Finance Leases | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 4.49% | ||||
Finance Lease, Liability | $ 7.1 | $ 8.9 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 756.9 | $ 685 | $ 672.1 |
Regulatory Deferral - Joint Venture | 12.5 | 11 | 5.3 |
Capitalized Computer Software, Amortization | 77.5 | 53.1 | 49.4 |
Capitalized Computer Software, Gross | 205.6 | 190.1 | |
Capitalized Cloud Computing, Amortization | 12.6 | 11.1 | $ 10 |
Capitalized Cloud Computing, Gross | $ 32.2 | $ 45.7 |
Property, Plant And Equipment_3
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment | $ 30,482.1 | $ 27,551.3 |
Accumulated Depreciation and Amortization | (8,207.2) | (7,708.7) |
Net Property, Plant and Equipment | 22,274.9 | 19,842.6 |
Gas Distribution Utility | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment | 18,154.5 | 16,576.4 |
Accumulated Depreciation and Amortization | (3,924.4) | (3,678.1) |
Electric Utility | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment | 7,907.9 | 7,162.4 |
Accumulated Depreciation and Amortization | (2,709.5) | (2,557.4) |
Common Utility | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment | 274.2 | 271.7 |
Accumulated Depreciation and Amortization | (174.2) | (160) |
Construction Work In Process | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment | 1,261.1 | 1,398.2 |
Renewable Generation Assets | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment | 1,434.4 | 702.2 |
Accumulated Depreciation and Amortization | (64.5) | (29.7) |
Non-Utility And Other | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment | 1,450 | 1,440.4 |
Accumulated Depreciation and Amortization | $ (1,334.6) | $ (1,283.5) |
Property, Plant And Equipment P
Property, Plant And Equipment Property, Plant and Equipment (Schedule of Depreciation Provisions For Utility Plant as a Percentage of the Original Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Electric Operations | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation Provisions For Utility Plant Percentage | 3.50% | 3.10% | 3.40% |
Gas Distribution Operations | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation Provisions For Utility Plant Percentage | 2.40% | 2.30% | 2.20% |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill And Other Intangible Assets [Line Items] | ||
Goodwill | $ 1,485.9 | $ 1,485.9 |
Gas Distribution Operations | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Goodwill | $ 1,485.9 | $ 1,485.9 |
Asset Retirement Obligations (C
Asset Retirement Obligations (Changes In Company's Liability For Asset Retirement Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning Balance | $ 478.1 | ||
Accretion recorded as a regulatory asset | 20 | $ 17.1 | |
Additions | 23.5 | 9.5 | |
Settlements | (41.6) | (22.3) | |
Change in estimated cash flows | 37.6 | (3.2) | |
Asset Retirement Obligation | 553 | 513.5 | $ 512.4 |
Ending Balance | $ 480.5 | $ 478.1 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Regulatory Assets and Liabilities Disclosure [Line Items] | ||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | $ 716.4 | $ 1,324.7 |
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 69 years | |
COVID-19 related regulatory asset | $ 2,460.2 | 2,580.8 |
Regulatory Liabilities | 1,789.3 | 2,012.6 |
Overrecovered Gas And Fuel Costs | ||
Regulatory Assets and Liabilities Disclosure [Line Items] | ||
Regulatory Liabilities | 144.5 | $ 20.6 |
NIPSCO - Electric | Overrecovered Gas And Fuel Costs | ||
Regulatory Assets and Liabilities Disclosure [Line Items] | ||
Regulatory Liabilities | $ 8 |
Regulatory Matters (Regulatory
Regulatory Matters (Regulatory Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Regulated Operations [Line Items] | ||
Total Assets | $ 2,460.2 | $ 2,580.8 |
Regulatory Assets, Current | 214.3 | 233.2 |
Regulatory Assets, Noncurrent | $ 2,245.9 | 2,347.6 |
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 69 years | |
Unrecognized Pension Benefit And Other Postretirement Benefit Costs | ||
Regulated Operations [Line Items] | ||
Total Assets | $ 561.6 | 607.5 |
Other Postretirement Costs | ||
Regulated Operations [Line Items] | ||
Total Assets | 59.7 | 72.2 |
Environmental Costs | ||
Regulated Operations [Line Items] | ||
Total Assets | 40.6 | 41.4 |
Regulatory Effects Of Accounting For Income Taxes | ||
Regulated Operations [Line Items] | ||
Total Assets | 163.5 | 158 |
Underrecovered Gas And Fuel Costs | ||
Regulated Operations [Line Items] | ||
Total Assets | 12.7 | 85.5 |
Depreciation | ||
Regulated Operations [Line Items] | ||
Total Assets | 201.9 | 191.3 |
Post-In Service Carrying Charges | ||
Regulated Operations [Line Items] | ||
Total Assets | 269.9 | 251.5 |
Safety Activity Costs | ||
Regulated Operations [Line Items] | ||
Total Assets | 206.6 | 200.7 |
DSM Program | ||
Regulated Operations [Line Items] | ||
Total Assets | 25 | 37.5 |
Retired coal generating stations | ||
Regulated Operations [Line Items] | ||
Total Assets | 682 | 744 |
Deferred Derivative Gain (Loss) | ||
Regulated Operations [Line Items] | ||
Total Assets | 24.4 | 10 |
Deferred Property Taxes | ||
Regulated Operations [Line Items] | ||
Total Assets | 72.3 | 68.5 |
Renewable Energy Program | ||
Regulated Operations [Line Items] | ||
Total Assets | 60.8 | 37.7 |
Other Assets | ||
Regulated Operations [Line Items] | ||
Total Assets | $ 79.2 | $ 75 |
Regulatory Matters (Regulator_2
Regulatory Matters (Regulatory Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Regulated Operations [Line Items] | ||
Regulatory Liabilities | $ 1,789.3 | $ 2,012.6 |
Regulatory Liability, Current | 278.6 | 236.8 |
Regulatory Liability, Noncurrent | $ 1,510.7 | 1,775.8 |
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 69 years | |
Deferred Derivative Gain (Loss) | ||
Regulated Operations [Line Items] | ||
Regulatory Liabilities | $ 23.3 | 90 |
Customer Assistance Programs | ||
Regulated Operations [Line Items] | ||
Regulatory Liabilities | 19.8 | 32.9 |
Rate Refunds | ||
Regulated Operations [Line Items] | ||
Regulatory Liabilities | 16.1 | 51.4 |
Off-Systems sales sharing | ||
Regulated Operations [Line Items] | ||
Regulatory Liabilities | 19 | 12.3 |
HLBV Adjustments under ASC 980 | ||
Regulated Operations [Line Items] | ||
Regulatory Liabilities | 18.1 | 5.4 |
Overrecovered Gas And Fuel Costs | ||
Regulated Operations [Line Items] | ||
Regulatory Liabilities | 144.5 | 20.6 |
Cost Of Removal | ||
Regulated Operations [Line Items] | ||
Regulatory Liabilities | 597.2 | 675.9 |
Regulatory Effects Of Accounting For Income Taxes | ||
Regulated Operations [Line Items] | ||
Regulatory Liabilities | 849.9 | 996.3 |
Other Postretirement Costs | ||
Regulated Operations [Line Items] | ||
Regulatory Liabilities | 54 | 66.8 |
Other Liabilities | ||
Regulated Operations [Line Items] | ||
Regulatory Liabilities | $ 47.4 | $ 61 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of COVID-19 Regulatory Impact) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Regulatory Matters COVID [Line Items] | ||
COVID-19 related regulatory asset | $ 2,460.2 | $ 2,580.8 |
Risk Management Activities (Nar
Risk Management Activities (Narrative) (Details) mMDth in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) mMDth | Jun. 08, 2023 USD ($) | Mar. 24, 2023 USD ($) | Dec. 31, 2022 USD ($) mMDth | Jun. 07, 2022 USD ($) | |
Derivative [Line Items] | |||||
Limit of GCA Volumes | 20% | ||||
Derivative Asset | $ 23.3 | $ 84.8 | |||
Senior Notes | 10,853 | 9,353 | |||
Derivative Asset, Subject to Master Netting Arrangement, after Offset | $ 13.9 | 81.8 | |||
Customer annual demand | 20% | ||||
Other Current Assets | |||||
Derivative [Line Items] | |||||
Derivative Asset | $ 1.1 | $ 18.8 | |||
NiSource | |||||
Derivative [Line Items] | |||||
Senior Notes | $ 450 | ||||
Senior Notes | NiSource | |||||
Derivative [Line Items] | |||||
Senior Notes | $ 1,050 | $ 300 | $ 750 | $ 350 | |
Debt, Weighted Average Interest Rate | 5.25% | 5.25% | 5% | ||
Minimum | |||||
Derivative [Line Items] | |||||
Commodity Contract Length | 1 year | ||||
Maximum | |||||
Derivative [Line Items] | |||||
Commodity Contract Length | 4 years | ||||
Natural Gas | |||||
Derivative [Line Items] | |||||
Derivative, Nonmonetary Notional Amount | mMDth | 76.1 | 99 |
Risk Management Activities (Sch
Risk Management Activities (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 23.3 | $ 84.8 |
Derivative Liability | 9.4 | 3 |
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 1.1 | 18.8 |
Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 7.5 | 1.1 |
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 22.2 | 66 |
Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 1.9 | 1.9 |
Commodity price risk programs | Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 1.1 | 18.8 |
Commodity price risk programs | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 7.5 | 1.1 |
Commodity price risk programs | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 22.2 | 66 |
Commodity price risk programs | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 1.9 | $ 1.9 |
Risk Management Activities (S_2
Risk Management Activities (Schedule of Cash Flow Hedges in AOCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net current-period other comprehensive income (loss) | $ 3.5 | $ 89.7 | $ 29.9 |
Interest rate risk programs | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net current-period other comprehensive income (loss) | $ (0.2) |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Disclosure [Line Items] | ||
Transfers between Fair Value Hierarchies | $ 0 | $ 0 |
Allowance for Credit Loss | 0.6 | (0.9) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | (1) | |
U.S. Treasury debt securities | ||
Fair Value Disclosure [Line Items] | ||
Allowance for Credit Loss | 0 | 0 |
Available-for-sale securities, maturities of less than a year | 16.8 | |
Corporate/Other debt securities | ||
Fair Value Disclosure [Line Items] | ||
Allowance for Credit Loss | 0.6 | $ (0.9) |
Available-for-sale securities, maturities of less than a year | $ 4.9 |
Fair Value (Fair Value Of Finan
Fair Value (Fair Value Of Financial Assets And Liabilities Measured On A Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Risk management assets | $ 23.3 | $ 84.8 |
Available-for-sale debt securities | 159.1 | 151.6 |
Total | 182.4 | 236.4 |
Risk management liabilities | 9.4 | 3 |
Total | 9.4 | 3 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Risk management assets | 0 | 0 |
Available-for-sale debt securities | 0 | 0 |
Total | 0 | 0 |
Risk management liabilities | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Risk management assets | 84.8 | |
Available-for-sale debt securities | 159.1 | 151.6 |
Total | 182.4 | 236.4 |
Derivative Liability Statement Of Financial Position Extensible Enumeration Not Disclosed Flag | 3 | |
Risk management liabilities | 9.4 | |
Total | 9.4 | 3 |
Derivative Asset Statement Of Financial Position Extensible Enumeration Not Disclosed Flag | 23.3 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Risk management assets | 0 | 0 |
Available-for-sale debt securities | 0 | 0 |
Total | 0 | 0 |
Risk management liabilities | 0 | 0 |
Total | $ 0 | $ 0 |
Fair Value (Available-For-Sale
Fair Value (Available-For-Sale Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosure [Line Items] | ||
Amortized Cost | $ 169 | $ 166.7 |
Gross Unrealized Gains | 0.8 | 0 |
Gross Unrealized Losses | 10.1 | 14.2 |
Allowance for Credit Loss | (0.6) | 0.9 |
Fair Value | 159.1 | 151.6 |
U.S. Treasury debt securities | ||
Fair Value Disclosure [Line Items] | ||
Amortized Cost | 63.8 | 67.7 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 3.2 | 4.5 |
Allowance for Credit Loss | 0 | 0 |
Fair Value | 60.6 | 63.2 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 58.7 | 61 |
Corporate/Other debt securities | ||
Fair Value Disclosure [Line Items] | ||
Amortized Cost | 105.2 | 99 |
Gross Unrealized Gains | 0.8 | 0 |
Gross Unrealized Losses | 6.9 | 9.7 |
Allowance for Credit Loss | (0.6) | 0.9 |
Fair Value | 98.5 | 88.4 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 74.8 | $ 85.5 |
Fair Value (Carrying Amount And
Fair Value (Carrying Amount And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Long-term debt (including current portion), Carrying Amount | $ 11,079.3 | $ 9,553.6 |
Long-term debt (including current portion), Estimated Fair Value | $ 10,370.9 | $ 8,479.4 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2023 | |
Income Taxes [Line Items] | |||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 422.9 | $ 491 | |||
Deferred Tax Assets, Valuation Allowance | $ 6.4 | $ 7.8 | |||
Effective Income Tax Rate Reconciliation, Tax Accrual Adjustments, Percent | 0% | 0% | 0% | ||
Book income before income taxes | $ 813.9 | $ 956.4 | $ 706.6 | ||
Tax expense (benefit) at statutory federal income tax rate, value | $ 170.8 | $ 200.8 | $ 148.3 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | ||
State income taxes, net of federal income tax benefit, value | $ 13.7 | $ 4.5 | $ 14.1 | ||
State income taxes, net of federal income tax benefit, rate | 1.70% | 0.50% | 2% | ||
Amortization of regulatory liabilities, value | $ (38.2) | $ (38.5) | $ (39.1) | ||
Amortization of regulatory liabilities, rate | (4.70%) | (4.00%) | (5.50%) | ||
Fines and penalties, value | $ 0 | $ 0.3 | $ 0 | ||
Fines and penalties, rate | 0% | 0% | 0% | ||
Effective Income Tax Rate Reconciliation, Deduction, Employee Stock Ownership Plan Dividend, Amount | $ (1.3) | $ (1.2) | $ (1.2) | ||
Employee stock ownership plan dividends and other compensation, rate | (0.20%) | (0.10%) | (0.20%) | ||
Effective Income Tax Rate Reconciliation Tax Accrual Adjustments | $ 0 | $ 0.2 | $ (0.1) | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ (4.9) | $ (2.3) | $ (2.1) | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (0.60%) | (0.20%) | (0.30%) | ||
Other adjustments, value | $ (0.6) | $ 0.8 | $ (2.1) | ||
Other adjustments, rate | (0.10%) | 0% | (0.30%) | ||
Income Taxes | $ 139.5 | $ 164.6 | $ 117.8 | ||
Effective Income Tax Rate Reconciliation, Percent | 17.10% | 17.20% | 16.70% | ||
Deferred Federal Income Tax Expense (Benefit) | $ (458.6) | ||||
Increase (Decrease) in Tax Expense | 25.1 | $ 46.8 | |||
Operating Loss Carryforwards | 21.7 | 21.7 | $ 21.7 | ||
NiSource | |||||
Income Taxes [Line Items] | |||||
Subsidiary, Ownership Percentage, Parent | 80.10% | 80.10% | |||
Investment Tax Credit Carryforward | |||||
Income Taxes [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 0 | ||||
Deferred Federal Income Tax Expense (Benefit) | (2.1) | $ 0 | $ 0 | ||
Federal production tax credits | |||||
Income Taxes [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 0 | ||||
Deferred Federal Income Tax Expense (Benefit) | (0.8) | ||||
Federal other credit | |||||
Income Taxes [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 0 | ||||
Deferred Federal Income Tax Expense (Benefit) | (15.7) | ||||
State and Local Jurisdiction | |||||
Income Taxes [Line Items] | |||||
Deferred Federal, State and Local, Tax Expense (Benefit) | 95.1 | ||||
Domestic Tax Authority | |||||
Income Taxes [Line Items] | |||||
Deferred Federal Income Tax Expense (Benefit) | (344.9) | ||||
State and Local Jurisdiction | |||||
Income Taxes [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 6.4 | ||||
Operating Loss Carryforwards | 2,371.7 | ||||
Domestic Tax Authority | |||||
Income Taxes [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 0 | ||||
Operating Loss Carryforwards | $ 1,642.4 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current | |||
Federal | $ 0 | $ 0.4 | $ (0.1) |
State | 5.3 | 7.3 | 6 |
Total Current | 5.3 | 7.7 | 5.9 |
Deferred | |||
Federal | 458.6 | ||
State | 22.5 | (23) | 13.8 |
Total Deferred | 135.2 | 158 | 113 |
Deferred Investment Credits | (1) | (1.1) | (1.1) |
Income Taxes | 139.5 | 164.6 | 117.8 |
Investment Tax Credit Carryforward | |||
Deferred | |||
Federal | $ 2.1 | 0 | 0 |
Schedule Of Components Of Income Tax Expense | The components of income tax expense (benefit) were as follows: Year Ended December 31, (in millions) 2023 2022 2021 Income Taxes Current Federal $ — $ 0.4 $ (0.1) State 5.3 7.3 6.0 Total Current 5.3 7.7 5.9 Deferred Federal Taxes before operating loss carryforwards and investment credits 49.7 87.9 35.7 Tax utilization expense of operating loss carryforwards 65.1 93.1 63.5 Investment tax credits (2.1) — — State 22.5 (23.0) 13.8 Total Deferred 135.2 158.0 113.0 Deferred Investment Credits (1.0) (1.1) (1.1) Income Taxes $ 139.5 $ 164.6 $ 117.8 In connection with the NIPSCO Minority Interest Transaction, NiSource recognized a $63.5 million income tax benefit in additional paid in capital related to 19.9% of NIPSCO’s excess deferred income taxes attributable to Blackstone’s noncontrolling interest. This benefit does not impact NIPSCO’s regulatory books or the excess deferred taxes that will benefit customers through lower future rates in accordance with applicable regulatory orders. See Note 4, "Noncontrolling Interest," for further discussion of the NIPSCO Minority Interest Transaction. | ||
Operating loss carryforward and investment credits | |||
Deferred | |||
Federal | $ 49.7 | 87.9 | 35.7 |
Utilization expense of operating loss carryforwards | |||
Deferred | |||
Federal | $ 65.1 | $ 93.1 | $ 63.5 |
Income Taxes (Schedule Of Reaso
Income Taxes (Schedule Of Reasons Behind Differences In Computation Of Total Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Reasons Behind Differences in Computation of Total Income Taxes [Line Items] | |||
Book income before income taxes | $ 813.9 | $ 956.4 | $ 706.6 |
Tax expense (benefit) at statutory federal income tax rate, value | $ 170.8 | $ 200.8 | $ 148.3 |
Tax expense (benefit) at statutory federal income tax rate, rate | 21% | 21% | 21% |
Increases (reductions) in taxes resulting from: | |||
State income taxes, net of federal income tax benefit, value | $ 13.7 | $ 4.5 | $ 14.1 |
State income taxes, net of federal income tax benefit, rate | 1.70% | 0.50% | 2% |
Amortization of regulatory liabilities, value | $ (38.2) | $ (38.5) | $ (39.1) |
Amortization of regulatory liabilities, rate | 4.70% | 4% | 5.50% |
Fines and penalties, value | $ 0 | $ 0.3 | $ 0 |
Fines and penalties, rate | 0% | 0% | 0% |
Employee stock ownership plan dividends and other compensation, value | $ (1.3) | $ (1.2) | $ (1.2) |
Employee stock ownership plan dividends and other compensation, rate | (0.20%) | (0.10%) | (0.20%) |
Effective Income Tax Rate Reconciliation Tax Accrual Adjustments | $ 0 | $ 0.2 | $ (0.1) |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ (4.9) | $ (2.3) | $ (2.1) |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (0.60%) | (0.20%) | (0.30%) |
Other adjustments, value | $ (0.6) | $ 0.8 | $ (2.1) |
Other adjustments, rate | 0.10% | 0% | 0.30% |
Income Taxes | $ 139.5 | $ 164.6 | $ 117.8 |
Income Taxes, rate | 17.10% | 17.20% | 16.70% |
Income Taxes (Schedule Of Princ
Income Taxes (Schedule Of Principal Components Of Net Deferred Tax Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Tax Liabilities | ||
Accelerated depreciation and other property differences | $ 1,384.8 | $ 2,473.6 |
Partnership basis differences | 1,241.9 | 54.3 |
Other regulatory assets | 212.1 | 348.4 |
Total Deferred Tax Liabilities | 2,838.8 | 2,876.3 |
Deferred Tax Assets | ||
Other regulatory liabilities and deferred investment tax credits (including TCJA) | 182.2 | 294.3 |
Pension and other postretirement/postemployment benefits | 58.6 | 124.7 |
Net operating loss carryforward and AMT credit carryforward | 422.9 | 491 |
Environmental liabilities | 10.1 | 20.7 |
Other accrued liabilities | 40.3 | 55.9 |
Other, net | 50.7 | 43 |
Total Deferred Tax Assets | 764.8 | 1,029.6 |
Deferred Tax Assets, Valuation Allowance | (6.4) | (7.8) |
Deferred Tax Assets, Net of Valuation Allowance | 758.4 | 1,021.8 |
Net Deferred Tax Liabilities | $ 2,080.4 | $ 1,854.5 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits - Opening Balance | $ 21.7 | $ 21.7 | $ 21.7 |
Gross decreases - tax positions in prior period | 0 | 0 | 0 |
Gross increases - current period tax positions | 0 | 0 | 0 |
Unrecognized Tax Benefits - Ending Balance | 21.7 | 21.7 | 21.7 |
Offset for net operating loss carryforwards | (21.7) | (21.7) | (21.7) |
Balance - Less Net Operating Loss Carryforwards | 0 | 0 | $ 0 |
Increase (Decrease) in Tax Expense | $ 25.1 | $ 46.8 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
COVID-19 related regulatory asset | $ 2,460.2 | $ 2,580.8 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 1,390.9 | 1,416.8 | |
Funded status of plan | (25) | 4.6 | |
Employer contributions | 3.1 | 2.7 | |
Settlement loss | 9.2 | 12.4 | $ 11.4 |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Remeasurement due to Settlement | $ 5.7 | ||
Expected contribution | $ 2.2 | ||
Expected return on plan assets | 7% | 4.80% | 5.20% |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded status of plan | $ 232.3 | $ 224.1 | |
Employer contributions | 23.4 | 21.3 | |
Settlement loss | 0 | $ 0 | $ 0 |
Expected contribution | $ 23.1 | ||
Expected return on plan assets | 6.96% | 5.72% | 5.50% |
Unrecognized Pension Benefit And Other Postretirement Benefit Costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
COVID-19 related regulatory asset | $ 561.6 | $ 607.5 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits (Schedule Of Portfolio Asset Mix) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Minimum | Domestic Equities | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10% | 7% |
Minimum | Domestic Equities | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 0% |
Minimum | International Equities | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% | 3% |
Minimum | International Equities | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 0% |
Minimum | Fixed Income | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 65% | |
Minimum | Fixed Income | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20% | |
Minimum | Real Estate [Member] | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | |
Minimum | Real Estate [Member] | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | |
Minimum | Real Estate | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | |
Minimum | Real Estate | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | |
Minimum | Short-Term Investments | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 0% |
Minimum | Short-Term Investments | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 0% |
Minimum | Private Equity | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 0% |
Minimum | Private Equity | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 0% |
Maximum | Domestic Equities | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30% | 27% |
Maximum | Domestic Equities | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55% | 55% |
Maximum | International Equities | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15% | 13% |
Maximum | International Equities | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25% | 25% |
Maximum | Fixed Income | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 75% | |
Maximum | Fixed Income | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100% | |
Maximum | Real Estate [Member] | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | |
Maximum | Real Estate [Member] | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | |
Maximum | Real Estate | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3% | |
Maximum | Real Estate | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | |
Maximum | Short-Term Investments | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10% | 10% |
Maximum | Short-Term Investments | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10% | 10% |
Maximum | Private Equity | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3% | 3% |
Maximum | Private Equity | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 0% |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits (Schedule of Plan Asset Mix Prior Year) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Plan | Domestic Equities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10% | 7% |
Pension Plan | Domestic Equities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30% | 27% |
Pension Plan | International Equities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% | 3% |
Pension Plan | International Equities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15% | 13% |
Pension Plan | Fixed Income | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 69% | |
Pension Plan | Fixed Income | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 81% | |
Pension Plan | Real Estate | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | |
Pension Plan | Real Estate | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3% | |
Pension Plan | Short-Term Investments | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 0% |
Pension Plan | Short-Term Investments | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10% | 10% |
Pension Plan | Private Equity | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 0% |
Pension Plan | Private Equity | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3% | 3% |
Other Postretirement Benefits | Domestic Equities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 0% |
Other Postretirement Benefits | Domestic Equities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55% | 55% |
Other Postretirement Benefits | International Equities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 0% |
Other Postretirement Benefits | International Equities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25% | 25% |
Other Postretirement Benefits | Fixed Income | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20% | |
Other Postretirement Benefits | Fixed Income | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100% | |
Other Postretirement Benefits | Real Estate | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | |
Other Postretirement Benefits | Real Estate | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | |
Other Postretirement Benefits | Short-Term Investments | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 0% |
Other Postretirement Benefits | Short-Term Investments | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10% | 10% |
Other Postretirement Benefits | Private Equity | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 0% |
Other Postretirement Benefits | Private Equity | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | 0% |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits (Schedule Of Pension Plan And Postretirement Plan Asset Mix) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 1,663.6 | $ 1,647.7 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of total asset | 100% | 100% | |
Pension Plan | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 1,426.8 | $ 1,422.8 | $ 1,981.7 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of total asset | 100% | 100% | |
Other Postretirement Benefits | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 236.5 | $ 224.9 | $ 293.7 |
Domestic Equities | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 261.7 | $ 231.1 | |
Percentage of total asset | 18.30% | 16.20% | |
Domestic Equities | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 93.7 | $ 86.9 | |
Percentage of total asset | 39.60% | 38.60% | |
International Equities | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 141.9 | $ 119 | |
Percentage of total asset | 9.90% | 8.40% | |
International Equities | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 40.7 | $ 36.6 | |
Percentage of total asset | 17.20% | 16.30% | |
Fixed Income | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 939.9 | $ 1,004.3 | |
Percentage of total asset | 65.90% | 70.60% | |
Fixed Income | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 97 | $ 94.7 | |
Percentage of total asset | 41% | 42.10% | |
Real Estate | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 4 | $ 5 | |
Percentage of total asset | 0.30% | 0.30% | |
Real Estate | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | |
Percentage of total asset | 0% | 0% | |
Cash/Other [Member] | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 79.3 | $ 63.4 | |
Percentage of total asset | 5.60% | 4.50% | |
Cash/Other [Member] | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 5.1 | $ 6.7 | |
Percentage of total asset | 2.20% | 3% | |
Commingled Funds | Short-Term Money Markets | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 65.3 | $ 46.2 | |
Commingled Funds | Short-Term Money Markets | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 5.2 | 17.4 | |
Commingled Funds | International Equities | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 102.3 | 89.6 | |
Commingled Funds | International Equities | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 22.8 | 20.3 | |
Commingled Funds | Fixed Income | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 242.2 | 275.9 | |
Commingled Funds | United States Equities | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 148.5 | 133.7 | |
Commingled Funds | United States Equities | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 11.4 | $ 10.7 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits (Schedule Of Fair Value Of Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 326 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 360.6 | ||
Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 695.2 | 714.2 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,663.6 | 1,647.7 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 1,421 | 1,417 | |
Pension Plan | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 131 | ||
Pension Plan | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 154.7 | ||
Pension Plan | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 697.9 | 726.9 | |
Pension Plan | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 0 | 0 | |
Pension Plan | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,426.8 | 1,422.8 | $ 1,981.7 |
Pension Plan | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2.2 | 2.5 | |
Pension Plan | Cash [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2 | ||
Pension Plan | Cash [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2 | ||
Pension Plan | Cash [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0.2 | 0.5 | |
Pension Plan | Cash [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | International Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 141.9 | 119 | |
Pension Plan | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 939.9 | 1,004.3 | |
Pension Plan | Equity Securities [Member] | International Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1.1 | ||
Pension Plan | Equity Securities [Member] | International Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1.1 | ||
Pension Plan | Equity Securities [Member] | International Equities | Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Equity Securities [Member] | International Equities | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Equity Securities [Member] | United States Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0.5 | ||
Pension Plan | Equity Securities [Member] | United States Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0.5 | ||
Pension Plan | Equity Securities [Member] | United States Equities | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Equity Securities [Member] | United States Equities | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Fixed Income | Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 213.1 | 316.3 | |
Pension Plan | Fixed Income | Government | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Fixed Income | Government | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Fixed Income | Government | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 213.1 | 316.3 | |
Pension Plan | Fixed Income | Government | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Fixed Income | Corporate/Other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 482.2 | 407.8 | |
Pension Plan | Fixed Income | Corporate/Other debt securities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Fixed Income | Corporate/Other debt securities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Fixed Income | Corporate/Other debt securities | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 482.2 | 407.8 | |
Pension Plan | Fixed Income | Corporate/Other debt securities | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Fixed Income | Mortgages/ Asset backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2.4 | 2.3 | |
Pension Plan | Fixed Income | Mortgages/ Asset backed securities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Fixed Income | Mortgages/ Asset backed securities | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2.4 | 2.3 | |
Pension Plan | Fixed Income | Mortgages/ Asset backed securities | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Fixed Income | Other Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1.9 | ||
Pension Plan | Fixed Income | Other Fixed Income | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1.9 | ||
Pension Plan | Fixed Income | Other Fixed Income | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Fixed Income | Other Fixed Income | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Commingled Funds | International Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 102.3 | 89.6 | |
Pension Plan | Commingled Funds | International Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Commingled Funds | International Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Commingled Funds | International Equities | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Commingled Funds | International Equities | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Commingled Funds | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 242.2 | 275.9 | |
Pension Plan | Commingled Funds | Fixed Income | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Commingled Funds | Fixed Income | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Commingled Funds | Fixed Income | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Commingled Funds | Fixed Income | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Commingled Funds | United States Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 148.5 | 133.7 | |
Pension Plan | Commingled Funds | United States Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Commingled Funds | United States Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Commingled Funds | United States Equities | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Commingled Funds | United States Equities | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Commingled Funds | Short-Term Money Markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 65.3 | 46.2 | |
Pension Plan | Commingled Funds | Short-Term Money Markets | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Commingled Funds | Short-Term Money Markets | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Commingled Funds | Short-Term Money Markets | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Commingled Funds | Short-Term Money Markets | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Private Equity Limited Partnerships [Member] | U.S. Multi-Strategy [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4.8 | 6.3 | |
Pension Plan | Private Equity Limited Partnerships [Member] | U.S. Multi-Strategy [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Private Equity Limited Partnerships [Member] | U.S. Multi-Strategy [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Private Equity Limited Partnerships [Member] | U.S. Multi-Strategy [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Private Equity Limited Partnerships [Member] | U.S. Multi-Strategy [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Private Equity Limited Partnerships [Member] | International Multi-Strategy [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1.2 | 2.3 | |
Pension Plan | Private Equity Limited Partnerships [Member] | International Multi-Strategy [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Private Equity Limited Partnerships [Member] | International Multi-Strategy [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Private Equity Limited Partnerships [Member] | International Multi-Strategy [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Private Equity Limited Partnerships [Member] | International Multi-Strategy [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Private Equity Limited Partnerships [Member] | Distressed Opportunities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0.1 | 0.1 | |
Pension Plan | Private Equity Limited Partnerships [Member] | Distressed Opportunities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Private Equity Limited Partnerships [Member] | Distressed Opportunities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Private Equity Limited Partnerships [Member] | Distressed Opportunities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Private Equity Limited Partnerships [Member] | Distressed Opportunities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4 | 5 | |
Pension Plan | Real Estate [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Real Estate [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Real Estate [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Mutual Funds [Member] | International Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 38.5 | 29 | |
Pension Plan | Mutual Funds [Member] | International Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 29 | ||
Pension Plan | Mutual Funds [Member] | International Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 38.5 | ||
Pension Plan | Mutual Funds [Member] | International Equities | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Mutual Funds [Member] | International Equities | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Mutual Funds [Member] | U.S. Multi-Strategy [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 113.1 | 97.4 | |
Pension Plan | Mutual Funds [Member] | U.S. Multi-Strategy [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 97.4 | ||
Pension Plan | Mutual Funds [Member] | U.S. Multi-Strategy [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 113.1 | ||
Pension Plan | Mutual Funds [Member] | U.S. Multi-Strategy [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Mutual Funds [Member] | U.S. Multi-Strategy [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Pension Plan | Mutual Funds [Member] | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0.2 | ||
Pension Plan | Mutual Funds [Member] | Fixed Income | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0.2 | ||
Pension Plan | Mutual Funds [Member] | Fixed Income | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Pension Plan | Mutual Funds [Member] | Fixed Income | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 236.8 | 235.6 | |
Other Postretirement Benefits | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 187.2 | ||
Other Postretirement Benefits | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 197.4 | ||
Other Postretirement Benefits | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 0 | 0 | |
Other Postretirement Benefits | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Fair Value Of Plan Assets Before Pending Items | 0 | 0 | |
Other Postretirement Benefits | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 236.5 | 224.9 | $ 293.7 |
Other Postretirement Benefits | International Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 40.7 | 36.6 | |
Other Postretirement Benefits | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 97 | 94.7 | |
Other Postretirement Benefits | Due To Brokers Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (2.7) | (2) | |
Other Postretirement Benefits | Due To Brokers Net [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Other Postretirement Benefits | Due To Brokers Net [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Other Postretirement Benefits | Due To Brokers Net [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (2.7) | (2) | |
Other Postretirement Benefits | Due To Brokers Net [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits | Accrued Investment Income Dividends [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 8.5 | 7.8 | |
Other Postretirement Benefits | Accrued Investment Income Dividends [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 8.5 | 7.8 | |
Other Postretirement Benefits | Accrued Investment Income Dividends [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Other Postretirement Benefits | Accrued Investment Income Dividends [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits | Receivables/Payables | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (10.7) | ||
Other Postretirement Benefits | Receivables/Payables | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Other Postretirement Benefits | Receivables/Payables | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (10.7) | ||
Other Postretirement Benefits | Receivables/Payables | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Other Postretirement Benefits | Commingled Funds | International Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 22.8 | 20.3 | |
Other Postretirement Benefits | Commingled Funds | International Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Other Postretirement Benefits | Commingled Funds | International Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Other Postretirement Benefits | Commingled Funds | International Equities | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits | Commingled Funds | International Equities | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits | Commingled Funds | United States Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 11.4 | 10.7 | |
Other Postretirement Benefits | Commingled Funds | United States Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Other Postretirement Benefits | Commingled Funds | United States Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Other Postretirement Benefits | Commingled Funds | United States Equities | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits | Commingled Funds | United States Equities | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits | Commingled Funds | Short-Term Money Markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 5.2 | 17.4 | |
Other Postretirement Benefits | Commingled Funds | Short-Term Money Markets | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Other Postretirement Benefits | Commingled Funds | Short-Term Money Markets | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | ||
Other Postretirement Benefits | Commingled Funds | Short-Term Money Markets | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits | Commingled Funds | Short-Term Money Markets | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits | Mutual Funds [Member] | International Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 18 | 16.3 | |
Other Postretirement Benefits | Mutual Funds [Member] | International Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 16.3 | ||
Other Postretirement Benefits | Mutual Funds [Member] | International Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 18 | ||
Other Postretirement Benefits | Mutual Funds [Member] | International Equities | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits | Mutual Funds [Member] | International Equities | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits | Mutual Funds [Member] | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 97 | 94.7 | |
Other Postretirement Benefits | Mutual Funds [Member] | Fixed Income | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 94.7 | ||
Other Postretirement Benefits | Mutual Funds [Member] | Fixed Income | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 97 | ||
Other Postretirement Benefits | Mutual Funds [Member] | Fixed Income | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits | Mutual Funds [Member] | Fixed Income | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits | Mutual Funds [Member] | United States Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 82.4 | 76.2 | |
Other Postretirement Benefits | Mutual Funds [Member] | United States Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 76.2 | ||
Other Postretirement Benefits | Mutual Funds [Member] | United States Equities | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 82.4 | ||
Other Postretirement Benefits | Mutual Funds [Member] | United States Equities | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits | Mutual Funds [Member] | United States Equities | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Underfunded Plan [Member] | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,426.8 | 1,422.8 | |
Underfunded Plan [Member] | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits (Schedule of Net Asset Value Per Share) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Net Asset Value Excluded From Fair Value By Input | $ 607.8 | $ 607.5 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 11.6 | 11.6 |
Private Equity and Real Estate Limited Partnerships | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net Asset Value Excluded From Fair Value By Input | 10.1 | 13.7 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 11.6 | 11.6 |
Commingled Funds | Short-Term Money Markets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net Asset Value Excluded From Fair Value By Input | 70.5 | 63.6 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | $ 0 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily | Daily |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period | 1 day | 1 day |
Commingled Funds | United States Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net Asset Value Excluded From Fair Value By Input | $ 159.9 | $ 144.4 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | $ 0 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily | Daily |
Commingled Funds | United States Equities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period | 5 days | 5 days |
Commingled Funds | United States Equities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period | 1 day | 1 day |
Commingled Funds | International Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net Asset Value Excluded From Fair Value By Input | $ 125.1 | $ 109.9 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | $ 0 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Monthly | Monthly |
Commingled Funds | International Equities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period | 30 days | 30 days |
Commingled Funds | International Equities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period | 10 days | 10 days |
Commingled Funds | Fixed Income Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net Asset Value Excluded From Fair Value By Input | $ 242.2 | $ 275.9 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | $ 0 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Daily | Daily |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period | 3 days | 3 days |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits (Schedule Of Reconciliation Of The Plans Funded Status And Amounts Reflected) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Noncurrent liabilities | $ (231.3) | $ (223.1) | |
COVID-19 related regulatory asset | 2,460.2 | 2,580.8 | |
Regulatory Liabilities | 1,789.3 | 2,012.6 | |
Unrecognized Pension Benefit And Other Postretirement Benefit Costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Regulatory Liabilities | 0 | 0 | |
Unrecognized Pension Benefit And Other Postretirement Benefit Costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
COVID-19 related regulatory asset | 561.6 | 607.5 | |
Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 1,647.7 | ||
Fair value of plan assets at end of year | 1,663.6 | 1,647.7 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 1,427.4 | 1,852.4 | |
Service cost | 20.5 | 27.8 | $ 30.2 |
Interest cost | 68.4 | 40.5 | 31.4 |
Plan participants' contributions | 0 | 0 | |
Plan amendments | 0 | 0.2 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 27.4 | (318.7) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 141.9 | 174.8 | |
Estimated benefits paid by incurred subsidy | 0 | 0 | |
Projected benefit obligation at end of year | 1,401.8 | 1,427.4 | 1,852.4 |
Actual return on plan assets | 142.8 | (386.8) | |
Employer contributions | 3.1 | 2.7 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Benefits paid | (141.9) | (174.8) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 25 | (4.6) | |
Noncurrent assets | 44.1 | 18.3 | |
Current liabilities | (2.2) | (2.6) | |
Noncurrent liabilities | (16.9) | (20.3) | |
Net amount recognized at end of year | 25 | (4.6) | |
Unrecognized prior service cost | 0.3 | 0.4 | |
Unrecognized actuarial loss | 500.4 | 564.2 | |
Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Or Regulatory Asset Or Liability | 500.7 | 564.6 | |
Pension Plan | Underfunded Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 1,404.5 | ||
Projected benefit obligation at end of year | 1,382.7 | 1,404.5 | |
Fair value of plan assets at beginning of year | 1,422.8 | ||
Fair value of plan assets at end of year | 1,426.8 | 1,422.8 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 44.1 | 18.3 | |
Pension Plan | Underfunded Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 22.9 | ||
Projected benefit obligation at end of year | 19.1 | 22.9 | |
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (19.1) | (22.9) | |
Pension Plan | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 1,422.8 | 1,981.7 | |
Fair value of plan assets at end of year | 1,426.8 | 1,422.8 | 1,981.7 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 449 | 556.2 | |
Service cost | 5.1 | 6.5 | 6.2 |
Interest cost | 21.8 | 12 | 9.9 |
Plan participants' contributions | 4.2 | 4.1 | |
Plan amendments | 3.4 | 2.1 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 29.1 | (89.9) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 44.3 | 42.3 | |
Estimated benefits paid by incurred subsidy | 0.5 | 0.3 | |
Projected benefit obligation at end of year | 468.8 | 449 | 556.2 |
Actual return on plan assets | 28.2 | (51.9) | |
Employer contributions | 23.4 | 21.3 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 4.3 | 4.1 | |
Benefits paid | (44.3) | (42.3) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (232.3) | (224.1) | |
Noncurrent assets | 0 | 0 | |
Current liabilities | (1) | (1) | |
Net amount recognized at end of year | (232.3) | (224.1) | |
Unrecognized prior service cost | 2.1 | (3.4) | |
Unrecognized actuarial loss | 76.6 | 64 | |
Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Or Regulatory Asset Or Liability | 78.7 | 60.6 | |
Other Postretirement Benefits | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 224.9 | 293.7 | |
Fair value of plan assets at end of year | $ 236.5 | $ 224.9 | $ 293.7 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits (Schedule of Benefit Obligations in Excess of Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 1,390.9 | $ 1,416.8 | |
Defined Benefit Plan, Benefit Obligation | 1,401.8 | 1,427.4 | $ 1,852.4 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 25 | (4.6) | |
Other Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 468.8 | 449 | $ 556.2 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (232.3) | (224.1) | |
Underfunded Plan [Member] | Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 19.1 | 22.9 | |
Defined Benefit Plan, Benefit Obligation | 19.1 | 22.9 | |
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (19.1) | (22.9) | |
Underfunded Plan [Member] | Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 1,371.8 | 1,393.8 | |
Defined Benefit Plan, Benefit Obligation | 1,382.7 | 1,404.5 | |
Defined Benefit Plan, Plan Assets, Amount | 1,426.8 | 1,422.8 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 44.1 | $ 18.3 |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits (Schedule Of Significant Actuarial Assumptions In Determining Funded Status Plan) (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 4.95% | 5.14% |
Rate of Compensation Increases | 4% | 4% |
Interest Crediting Rates | 4% | 4% |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 4.98% | 5.17% |
Trend for Next Year | 8.84% | 6.69% |
Ultimate Trend | 4.75% | 4.75% |
Year Ultimate Trend Reached | 2032 | 2032 |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits (Schedule Of Expected Payments To Participants In Pension Plan) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 144.8 |
2025 | 141.8 |
2026 | 135 |
2027 | 129.4 |
2028 | 125.1 |
2028-2032 | 548 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 38.1 |
2025 | 38.1 |
2026 | 37.5 |
2027 | 37.4 |
2028 | 37 |
2028-2032 | 176 |
Postretirement Health Coverage [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 0.2 |
2025 | 0.2 |
2026 | 0.2 |
2027 | 0.2 |
2028 | 0.2 |
2028-2032 | $ 0.9 |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits (Components Of The Plans' Net Periodic Benefits Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | $ 20.5 | $ 27.8 | $ 30.2 |
Interest cost | 68.4 | 40.5 | 31.4 |
Expected return on assets | (94.5) | (90.8) | (101.6) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0.1 | 0.1 | 0.1 |
Recognized actuarial loss | 33.7 | 20.3 | 21.7 |
Settlement loss | 9.2 | 12.4 | 11.4 |
Total Net Periodic Benefits Cost | 37.4 | 10.3 | (6.8) |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 5.1 | 6.5 | 6.2 |
Interest cost | 21.8 | 12 | 9.9 |
Expected return on assets | (15.1) | (16.2) | (15.3) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (2.1) | (2.2) | (2.2) |
Recognized actuarial loss | 3.3 | 2.6 | 4.6 |
Settlement loss | 0 | 0 | 0 |
Total Net Periodic Benefits Cost | $ 13 | $ 2.7 | $ 3.2 |
Pension and Other Postretire_14
Pension and Other Postretirement Benefits (Schedule Of Key Assumptions That Were Used To Calculate The Net Periodic Benefits Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate - service cost | 5.25% | 3.08% | 2.81% |
Discount rate - interest cost | 5.06% | 2.11% | 1.57% |
Expected Long-Term Rate of Return on Plan Assets | 7% | 4.80% | 5.20% |
Rate of Compensation Increases | 4% | 4% | 4% |
Interest Crediting Rates | 4% | 4% | 4% |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate - service cost | 5.30% | 3.21% | 3% |
Discount rate - interest cost | 5.07% | 2.24% | 1.73% |
Expected Long-Term Rate of Return on Plan Assets | 6.96% | 5.72% | 5.50% |
Pension and Other Postretire_15
Pension and Other Postretirement Benefits (Schedule Of Changes In Plan Assets And Projected Benefit Obligations Recognized In Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan | |||
Net prior service cost/(credit) | $ 0 | $ 0.2 | |
Net actuarial (gain)/loss | (20.9) | 158.9 | |
Settlements | (9.2) | (12.4) | $ (11.4) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (0.1) | (0.1) | (0.1) |
Less: amortization of net actuarial (gain) loss | (33.7) | (20.3) | (21.7) |
Total Recognized in Other Comprehensive Income or Regulatory Asset or Liability | (63.9) | 126.3 | |
Amount Recognized in Net Periodic Benefits Cost and Other Comprehensive Income or Regulatory Asset or Liability | (26.5) | 136.6 | |
Other Postretirement Benefits | |||
Net prior service cost/(credit) | 3.3 | 2.1 | |
Net actuarial (gain)/loss | 16 | (21.8) | |
Settlements | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 2.1 | 2.2 | 2.2 |
Less: amortization of net actuarial (gain) loss | (3.3) | (2.6) | $ (4.6) |
Total Recognized in Other Comprehensive Income or Regulatory Asset or Liability | 18.1 | (20.1) | |
Amount Recognized in Net Periodic Benefits Cost and Other Comprehensive Income or Regulatory Asset or Liability | $ 31.1 | $ (17.4) |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 36 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | May 19, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock available for awards, shares | 8,023,671 | 8,023,671 | |||
Common stock reserved for future awards, shares | 10,000,000 | ||||
Stock-based employee compensation expense | $ 23.9 | $ 19 | $ 16.7 | ||
Related tax benefits | 7.7 | 3.6 | 4 | ||
Unrecognized compensation cost related to nonvested awards | $ 20.8 | $ 20.8 | |||
Weighted-average remaining requisite service period, years | 1 year 7 months 6 days | ||||
RTSR Modifier | 25% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.50% | ||||
401(k) match, profit sharing and non-elective expense | $ 50.7 | 39.1 | $ 39.1 | ||
Excess Tax Expense - Share Based Compensation | $ 0.4 | ||||
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit | $ 2.9 | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 500,968 | ||||
Shares nonvested | 1,066,916 | 798,515 | 1,066,916 | ||
Shares vesting period, (years) | 3 years | ||||
Granted, Weighted Average Grant Date Fair Value | $ 27.38 | ||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Nonemployee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares nonvested | 67,611 | 67,611 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 272,609 | 272,609 | |||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 649,088 | 566,086 | 973,885 | ||
Shares nonvested | 1,558,509 | 1,505,740 | 1,558,509 | ||
Shares vesting period, (years) | 3 years | ||||
Granted, Weighted Average Grant Date Fair Value | $ 28.87 | ||||
Performance Shares | NOEPS | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of shares granted | $ 13.3 | $ 6.5 | |||
Performance Shares | CVI | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of shares granted | $ 6.7 | ||||
2019 Award | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 285,755 | ||||
Shares nonvested | 158,797 | 158,797 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Grant Date Fair Value | $ 5.7 | ||||
2020 award | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 477,292 | ||||
Shares nonvested | 385,062 | 385,062 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Grant Date Fair Value | $ 12.5 | ||||
2021 award | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 500,968 | ||||
Shares nonvested | 464,725 | 464,725 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Grant Date Fair Value | $ 13.7 | ||||
2021 award | Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 582,944 | ||||
2021 award | Performance Shares | NOEPS | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares nonvested | 186,427 | 186,427 | |||
2021 award | Performance Shares | CVI | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares nonvested | 186,427 | 186,427 | |||
2021 Special award | Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 390,041 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Transactions Of Restricted Stock Unit) (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | 36 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested, Other Than Options | 798,515 | |
Nonvested, Weighted Average Grant Date Fair Value | $ 24.48 | |
Granted, Other Than Options | 500,968 | |
Granted, Weighted Average Grant Date Fair Value | $ 27.38 | |
Forfeited, Other Than Options | (54,171) | |
Forfeited, Weighted Average Grant Date Fair Value | $ 25.32 | |
Vested, Other Than Options | (178,396) | |
Vested, Weighted Average Grant Date Fair Value | $ 24.87 | |
Nonvested, Other Than Options | 1,066,916 | 1,066,916 |
Nonvested, Weighted Average Grant Date Fair Value | $ 25.71 | $ 25.71 |
Shares vesting period, (years) | 3 years |
Share-Based Compensation (Sch_2
Share-Based Compensation (Schedule Of Transactions Of Contingent Awards) (Details) - Performance Shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested, Other Than Options | 1,505,740 | ||
Nonvested, Weighted Average Grant Date Fair Value | $ 26.10 | ||
Granted, Other Than Options | 649,088 | 566,086 | 973,885 |
Granted, Weighted Average Grant Date Fair Value | $ 28.87 | ||
Forfeited, Other Than Options | (53,786) | ||
Forfeited, Weighted Average Grant Date Fair Value | $ 28.29 | ||
Vested, Other Than Options | (542,533) | ||
Vested, Weighted Average Grant Date Fair Value | $ 22.21 | ||
Nonvested, Other Than Options | 1,558,509 | 1,505,740 | |
Nonvested, Weighted Average Grant Date Fair Value | $ 28.01 | $ 26.10 |
Share-Based Compensation (Sch_3
Share-Based Compensation (Schedule of Performance Award Details) (Details) - Performance Shares - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Performance Share Details [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,558,509 | 1,505,740 | |
NOEPS | |||
Performance Share Details [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 13.3 | $ 6.5 | |
NOEPS | 2021 award | |||
Performance Share Details [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 186,427 | ||
NOEPS | 2022 award | |||
Performance Share Details [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 7,400,000 | ||
NOEPS | 2023 award | |||
Performance Share Details [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 488,515 | ||
CVI | |||
Performance Share Details [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6.7 | ||
CVI | 2021 award | |||
Performance Share Details [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 186,427 | ||
Relative Total Shareholder Return | 2021 Special award | Share-based Payment Arrangement, Tranche One | |||
Performance Share Details [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 87,268 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3.2 | ||
Relative Total Shareholder Return | 2022 award | |||
Performance Share Details [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 235,120 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 10.6 | ||
Relative Total Shareholder Return | 2023 award | |||
Performance Share Details [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 162,815 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 5.4 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Lessee, Lease, Description [Line Items] | |
Lessee, Lease Renewal Term | 35 years |
Lessee, Operating Lease, Renewal Term | 1 year |
Fleet Lease | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Minimum | Office Lease | |
Lessee, Lease, Description [Line Items] | |
Remaining Lease Term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 4 years |
Maximum | Office Lease | |
Lessee, Lease, Description [Line Items] | |
Remaining Lease Term | 38 years |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance lease cost | |||
Amortization of right-of-use assets | $ 32 | $ 31.9 | |
Cash paid for interest on finance leases | 8.6 | 8.5 | $ 9.4 |
Total finance lease cost | 40.6 | 40.4 | |
Operating lease cost | 11.3 | 10.4 | |
Total lease cost | $ 51.9 | $ 50.8 |
Leases (Right-of-Use Assets and
Leases (Right-of-Use Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Net Property, Plant and Equipment | Net Property, Plant and Equipment |
Finance Lease, Right-of-Use Asset | $ 184.3 | $ 153.4 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Deferred charges and other | Deferred charges and other |
Operating Lease, Right-of-Use Asset | $ 32.9 | $ 35.7 |
Total leased assets | $ 217.2 | $ 189.1 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Long-Term Debt and Lease Obligation, Current | Long-Term Debt and Lease Obligation, Current |
Finance Lease, Liability, Current | $ 23.8 | $ 30 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current | Other Liabilities, Current |
Operating Lease, Liability, Current | $ 8.3 | $ 4.8 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-Term Debt and Lease Obligation | Long-Term Debt and Lease Obligation |
Finance Lease, Liability, Noncurrent | $ 181.6 | $ 144.7 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other noncurrent liabilities | Other noncurrent liabilities |
Operating Lease, Liability, Noncurrent | $ 25.8 | $ 31.9 |
Total Lease Liability | $ 239.5 | $ 211.4 |
Leases (Lease Information) (Det
Leases (Lease Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Finance Lease, Interest Payment on Liability | $ 9.3 | $ 8.6 |
Operating Lease, Payments | 11.1 | 10.3 |
Finance Lease, Principal Payments | 33.1 | 30.3 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 64.5 | 19.3 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 5.6 | $ 8.8 |
Finance Lease, Weighted Average Remaining Lease Term | 16 years 4 months 24 days | 9 years 10 months 24 days |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 8 months 12 days | 7 years 8 months 12 days |
Finance Lease, Weighted Average Discount Rate, Percent | 5.50% | 5.10% |
Operating Lease, Weighted Average Discount Rate, Percent | 4.30% | 4% |
Leases (Lease Maturity) (Detail
Leases (Lease Maturity) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Lease Maturity [Line Items] | ||
Total Future Minimum Lease Payments Due, Next Twelve Months | $ 44.4 | |
Total Future Minimum Lease Payments, Due in Two Years | 36.6 | |
Total Future Minimum Lease Payments, Due in Three Years | 31.1 | |
Total Future Minimum Lease Payments, Due in Four Years | 25.2 | |
Total Future Minimum Lease Payments, Due in Five Years | 22.5 | |
Total Future Minimum Lease Payments, Due Thereafter | 201.7 | |
Total Future Minimum Lease Payments Due | 361.5 | |
Undiscounted Excess Amount | (122) | |
Total Lease Liability | 239.5 | $ 211.4 |
Short-term Lease Liability | 32.1 | |
Long-term Lease Liability | 207.4 | |
Finance Leases, Future Minimum Payments Due, Next Twelve Months | 34.8 | |
Finance Leases, Future Minimum Payments Due in Two Years | 30.7 | |
Finance Leases, Future Minimum Payments Due in Three Years | 25.7 | |
Finance Leases, Future Minimum Payments Due in Four Years | 20.6 | |
Finance Leases, Future Minimum Payments Due in Five Years | 19.3 | |
Finance Leases, Future Minimum Payments Due Thereafter | 190.7 | |
Finance Lease, Liability, Payment, Due | 321.8 | |
Finance Lease, Liability, Undiscounted Excess Amount | (116.4) | |
Finance Lease, Liability | 205.4 | 174.7 |
Finance Lease, Liability, Current | 23.8 | 30 |
Finance Lease, Liability, Noncurrent | 181.6 | 144.7 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 9.6 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 5.9 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 5.4 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 4.6 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 3.2 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 11 | |
Lessee, Operating Lease, Liability, Payments, Due | 39.7 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (5.6) | |
Operating Lease, Liability | 34.1 | |
Operating Lease, Liability, Current | 8.3 | 4.8 |
Operating Lease, Liability, Noncurrent | $ 25.8 | $ 31.9 |
Other Commitments And Conting_3
Other Commitments And Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) Rate MW | Jan. 31, 2024 | Jan. 04, 2024 USD ($) | Jun. 17, 2023 Rate | Dec. 31, 2022 USD ($) | |
Other Commitments And Contingencies [Line Items] | |||||
Wind power purchase agreement capacity | MW | 700 | ||||
Major Rail Operators | 3 | ||||
Line of Credit Facility, Amount Outstanding | $ 0 | $ 0 | |||
Guarantor Obligations, Current Carrying Value | $ 646.1 | 841.6 | |||
Wind Power Purchase Agreement, Purchase Percentage | Rate | 100% | ||||
Accrual for Environmental Loss Contingencies, Gross | $ 80 | 86.5 | |||
Other Commitment | $ 250 | ||||
Linde Inc. | |||||
Other Commitments And Contingencies [Line Items] | |||||
Estimated Maximum Disgorgement Exposure | $ 48.5 | ||||
NIPSCO Holdings II | |||||
Other Commitments And Contingencies [Line Items] | |||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 4.50% | ||||
Subsidiary, Ownership Percentage, Parent | Rate | 19.90% | ||||
NIPSCO Holdings II | Director | |||||
Other Commitments And Contingencies [Line Items] | |||||
Subsidiary, Ownership Percentage, Parent | Rate | 17.50% | ||||
MGP Sites | |||||
Other Commitments And Contingencies [Line Items] | |||||
Number of waste disposal sites identified by program | 53 | ||||
Liability for estimated remediation costs | $ 73.7 | 81 | |||
Reasonably possible remediation costs variance from reserve | $ 15.1 | ||||
NIPSCO | |||||
Other Commitments And Contingencies [Line Items] | |||||
Estimated Maximum Disgorgement Exposure | $ 7.7 | ||||
Coal Transportation | Maximum | |||||
Other Commitments And Contingencies [Line Items] | |||||
Long Term Purchase Commitment Expiration Year | 2025 | ||||
Pipeline Service Agreements [Member] | Maximum | |||||
Other Commitments And Contingencies [Line Items] | |||||
Long Term Purchase Commitment Expiration Year | 2038 | ||||
Pipeline Service Agreements [Member] | Minimum | |||||
Other Commitments And Contingencies [Line Items] | |||||
Long Term Purchase Commitment Expiration Year | 2024 | ||||
IT Service Agreements [Member] | Maximum | |||||
Other Commitments And Contingencies [Line Items] | |||||
Long Term Purchase Commitment Expiration Year | 2028 | ||||
Standby Letters of Credit | |||||
Other Commitments And Contingencies [Line Items] | |||||
Line of Credit Facility, Amount Outstanding | $ 9.9 | $ 10.2 |
Other Commitments and Conting_4
Other Commitments and Contingencies (Contractual Obligation, Fiscal Year Maturity Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Long-term Purchase Commitment [Line Items] | ||
Long-term Debt, Future Minimum Payments Due | $ 10,955 | |
Long-term Debt, Future Minimum Payments Due, Next Twelve Months | 0 | |
Long-term Debt, Future Minimum Payments, Due in Two Years | 1,260 | |
Long-term Debt, Future Minimum Payments, Due in Three Years | 0 | |
Long-term Debt, Future Minimum Payments, Due in Four Years | 1,090 | |
Long-term Debt, Future Minimum Payments, Due in Five Years | 1,055 | |
Long-term Debt, Future Minimum Payments, Due Thereafter | 7,550 | |
Interest Payments on Long-term Debt, Future Minimum Payments Due | 6,017.8 | |
Interest Payments on Long-term Debt, Future Minimum Payments Due, Next Twelve Months | 431.1 | |
Interest Payments on Long-term Debt, Future Minimum Payments, Due in Two Years | 431.1 | |
Interest Payments on Long-term Debt, Future Minimum Payments, Due in Three Years | 418.5 | |
Interest Payments on Long-term Debt, Future Minimum Payments, Due in Four Years | 399.1 | |
Interest Payments on Long-term Debt, Future Minimum Payments, Due in Five Years | 349 | |
Interest Payments on Long-term Debt, Future Minimum Payments, Due Thereafter | 3,989 | |
Finance Leases, Future Minimum Payments Due | 321.8 | |
Finance Leases, Future Minimum Payments Due, Next Twelve Months | 34.8 | |
Finance Leases, Future Minimum Payments Due in Two Years | 30.7 | |
Finance Leases, Future Minimum Payments Due in Three Years | 25.7 | |
Finance Leases, Future Minimum Payments Due in Four Years | 20.6 | |
Finance Leases, Future Minimum Payments Due in Five Years | 19.3 | |
Finance Leases, Future Minimum Payments Due Thereafter | 190.7 | |
Operating Leases, Future Minimum Payments Due | 39.7 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 9.6 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 5.9 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 5.4 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 4.6 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 3.2 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 11 | |
Energy Commodity Contracts, Future Minimum Payments Due | 153.9 | |
Energy Commodity Contracts, Future Minimum Payments Due, Next Twelve Months | 114.7 | |
Energy Commodity Contracts, Future Minimum Payments, Due in Two Years | 39.2 | |
Energy Commodity Contracts, Future Minimum Payments, Due in Three Years | 0 | |
Energy Commodity Contracts, Future Minimum Payments, Due in Four Years | 0 | |
Energy Commodity Contracts, Future Minimum Payments, Due in Five Years | 0 | |
Energy Commodity Contracts, Future Minimum Payments, Due Thereafter | 0 | |
Service Obligations, Pipeline Service Obligations, Future Minimum Payments Due | 2,196.6 | |
Service Obligations, Pipeline Service Obligations, Future Minimum Payments Due, Next Twelve Months | 652 | |
Service Obligations, Pipeline Service Obligations, Future Minimum Payments, Due in Two Years | 485.7 | |
Service Obligations, Pipeline Service Obligations, Future Minimum Payments, Due in Three Years | 406.3 | |
Service Obligations, Pipeline Service Obligations, Future Minimum Payments, Due in Four Years | 388.7 | |
Service Obligations, Pipeline Service Obligations, Future Minimum Payments, Due in Five Years | 162.3 | |
Service Obligations, Pipeline Service Obligations, Future Minimum Payments, Due Thereafter | 101.6 | |
Service Obligations, IT Service Obligations, Future Minimum Payments Due | 161.8 | |
Service Obligations, IT Service Obligations, Future Minimum Payments Due, Next Twelve Months | 83.6 | |
Service Obligations, IT Service Obligations, Future Minimum Payments, Due in Two Years | 57.2 | |
Service Obligations, IT Service Obligations, Future Minimum Payments, Due in Three Years | 16.7 | |
Service Obligations, IT Service Obligations, Future Minimum Payments, Due in Four Years | 4.3 | |
Service Obligations, IT Service Obligations, Future Minimum Payments, Due in Five Years | 0 | |
Service Obligations, IT Service Obligations, Future Minimum Payments, Due Thereafter | 0 | |
Other Liabilities, Future Minimum Payments Due | 98.3 | |
Other Liabilities, Future Minimum Payments Due, Next Twelve Months | 62.8 | |
Other Liabilities, Future Minimum Payments, Due in Two Years | 5.8 | |
Other Liabilities, Future Minimum Payments, Due in Three Years | 5.2 | |
Other Liabilities, Future Minimum Payments, Due in Four Years | 5.2 | |
Other Liabilities, Future Minimum Payments, Due in Five Years | 5.2 | |
Other Liabilities, Future Minimum Payments, Due Thereafter | 14.1 | |
Total Future Contractual Obligations Due | 19,944.9 | |
Total Future Contractual Obligations Due, Next Twelve Months | 1,388.6 | |
Total Future Contractual Obligations, Due in Two Years | 2,315.6 | |
Total Future Contractual Obligations, Due in Three Years | 877.8 | |
Total Future Contractual Obligations, Due in Four Years | 1,912.5 | |
Total Future Contractual Obligations, Due in Five Years | 1,594 | |
Total Future Contractual Obligations, Due Thereafter | 11,856.4 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (81.1) | $ (76.1) |
Finance Lease, Liability, Undiscounted Excess Amount | (116.4) | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ (5.6) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ 1.2 | $ 87.1 | $ 28.4 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2.3 | 2.6 | 1.5 | |
Net current-period other comprehensive income (loss) | 3.5 | 89.7 | 29.9 | |
Accumulated other comprehensive loss | (33.6) | (37.1) | (126.8) | $ (156.7) |
Gains and Losses on Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 3.1 | (13.7) | (3.5) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.8 | 0.4 | (0.4) | |
Net current-period other comprehensive income (loss) | 3.9 | (13.3) | (3.9) | |
Accumulated other comprehensive loss | (7.3) | (11.2) | 2.1 | 6 |
Gains and Losses on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.5) | 109.7 | 25.3 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.3 | 0.2 | 0.1 | |
Net current-period other comprehensive income (loss) | 109.9 | 25.4 | ||
Accumulated other comprehensive loss | (12.8) | (12.6) | (122.5) | (147.9) |
Pension and OPEB Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1.4) | (8.9) | 6.6 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1.2 | 2 | 1.8 | |
Net current-period other comprehensive income (loss) | (0.2) | (6.9) | 8.4 | |
Accumulated other comprehensive loss | $ (13.5) | $ (13.3) | $ (6.4) | $ (14.8) |
Segments Of Business (Narrative
Segments Of Business (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill [Line Items] | |
Number of Reportable Segments | 2 |
Number of counties in which electric service provided by Electric Operations | 20 |
Segments Of Business (Schedule
Segments Of Business (Schedule Of Operating Income Derived From Revenues And Expenses By Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Operating Revenues | $ 5,505.4 | $ 5,850.6 | $ 4,899.6 |
Operating Income | 1,295.5 | 1,265.8 | 1,006.9 |
Consolidated Depreciation and Amortization | 908.2 | 820.8 | 748.4 |
Consolidated Assets | 31,077.2 | 26,736.6 | 24,156.9 |
Payments to Acquire Property Plant and Equipment Including Captial Expenditures From Current Liabilities And Equity Method Investments | 2,690.7 | 2,298 | 1,940.4 |
Gas Distribution Operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 3,720.4 | 4,007.2 | 3,171.2 |
Intersegment | 3,732.7 | 4,019.8 | 3,183.5 |
Operating Income | 901.9 | 915.8 | 617.5 |
Consolidated Depreciation and Amortization | 464.6 | 415.9 | 383 |
Consolidated Assets | 18,122.8 | 16,986.5 | 15,153.7 |
Payments to Acquire Property Plant and Equipment Including Captial Expenditures From Current Liabilities And Equity Method Investments | 1,715.2 | 1,682.3 | 1,406.4 |
Electric Operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 1,784.2 | 1,830.9 | 1,696.3 |
Intersegment | 1,785 | 1,831.7 | 1,697.1 |
Operating Income | 378.7 | 362.4 | 387.8 |
Consolidated Depreciation and Amortization | 400.9 | 362.9 | 329.4 |
Consolidated Assets | 9,250.5 | 7,992.6 | 7,178.9 |
Payments to Acquire Property Plant and Equipment Including Captial Expenditures From Current Liabilities And Equity Method Investments | 739.2 | 574.5 | 517.4 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 0.8 | 12.5 | 32.1 |
Intersegment | 504.6 | 477.5 | 492.4 |
Operating Income | 14.9 | (12.4) | 1.6 |
Consolidated Depreciation and Amortization | 42.7 | 42 | 36 |
Consolidated Assets | 3,703.9 | 1,757.5 | 1,824.3 |
Payments to Acquire Property Plant and Equipment Including Captial Expenditures From Current Liabilities And Equity Method Investments | 236.3 | 41.2 | 16.6 |
Unaffiliated | Gas Distribution Operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 3,720.4 | 4,007.2 | 3,171.2 |
Unaffiliated | Electric Operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 1,784.2 | 1,830.9 | 1,696.3 |
Unaffiliated | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 0.8 | 12.5 | 32.1 |
Intersegment | Gas Distribution Operations | |||
Segment Reporting Information [Line Items] | |||
Intersegment | 12.3 | 12.6 | 12.3 |
Intersegment | Electric Operations | |||
Segment Reporting Information [Line Items] | |||
Intersegment | 0.8 | 0.8 | 0.8 |
Intersegment | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Intersegment | 503.8 | 465 | 460.3 |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Intersegment | $ (516.9) | $ (478.4) | $ (473.4) |
Other, Net (Schedule Of Other N
Other, Net (Schedule Of Other Net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Nonoperating Income [Line Items] | |||
Interest income | $ 9 | $ 4.3 | $ 4 |
AFUDC equity | 25.2 | 15.1 | 13.1 |
Charitable Contributions | (1.8) | (4.4) | (11.5) |
Pension and Other Postretirement Non Service Cost | (24) | 27.6 | 35.5 |
Other Nonoperating Expense | (0.4) | ||
Miscellaneous | (0.4) | (0.3) | |
Total Other, net | 8 | 52.2 | 40.8 |
Interest Rate Swap Settled | |||
Other Nonoperating Income [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 10 | $ 0 |
Interest Expense, Net (Details)
Interest Expense, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Expense [Abstract] | |||
Interest on long-term debt | $ 404.1 | $ 344.5 | $ 336.4 |
Interest on short-term borrowings | 108.9 | 22.7 | 0.6 |
Debt discount/cost amortization | 13.5 | 11.7 | 11 |
Accounts receivable securitization fees | 2.7 | 2.5 | 1.4 |
Allowance for borrowed funds used and interest capitalized during construction | (25.3) | (6.7) | (4.6) |
Debt-based post-in-service carrying charges | (30.7) | (21.1) | (14.7) |
Other | 16.4 | 8 | 11 |
Total Interest Expense, net | $ 489.6 | $ 361.6 | $ 341.1 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 19, 2021 | |
Non-cash transactions: | ||||
Capital expenditures included in current liabilities | $ 315 | $ 275.1 | $ 245.7 | |
Assets acquired under a finance lease | 19.3 | 22.4 | ||
Assets acquired under an operating lease | 8.8 | 6 | ||
Reclassification of other property to regulatory assets | 0 | 0 | 607.6 | |
Assets recorded for asset retirement obligations | 61.1 | 6.3 | 12 | |
Obligation to the Developer | 0 | 0 | 277.5 | |
Purchase Contract Liability | 0 | 65 | 129.4 | $ 168.8 |
Schedule of interest and income taxes paid: | ||||
Cash paid for interest on debt, net of interest capitalized amounts | 433.9 | 343.8 | 322.4 | |
Cash paid for interest on finance leases | 8.6 | 8.5 | 9.4 | |
Cash paid for income taxes, net of refunds | $ 9.4 | $ 7.2 | $ 5.4 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reserve For Accounts Receivable [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 23.9 | $ 23.5 | $ 52.3 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 23.4 | 20.6 | 18.3 |
Valuation Allowances and Reserves, Charged to Other Accounts | (36.6) | (36.4) | (6.4) |
Deductions for Purposes for which Reserves were Created | 61 | 56.6 | 53.5 |
Ending Balance | 22.9 | 23.9 | 23.5 |
Reserve For Other Investments [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 1 | 2.3 | 0 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 0 | 0 |
Valuation Allowances and Reserves, Charged to Other Accounts | (2.3) | ||
Deductions for Purposes for which Reserves were Created | 0 | 0 | 0 |
Ending Balance | 1.3 | 1 | $ 2.3 |
Reserve for Deferred Charges and Other | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Charged to Other Accounts | $ 0.3 | $ 1.3 |